Cryptocurrencies recorded a significant upside last week, with Bitcoin leading the upsurge as it spiked to $35,000. While the lull that followed has BTC poised above $34.4k, a popular crypto investor is earmarking four altcoins for potential moves this week.
According to The DeFi Investor, who shared his outlook on X, the next few days could be crucial for Solana (SOL), Optimism (OP), Render (RNDR) and Lybra (LBR).
Crypto Watchlist for the week ahead:$SOL – Solana Breakpoint conference begins tomorrow. The team might make some big announcements
crypto AI tokens – OpenAI conference begins on Nov. 6th. The AI narrative has started heating up once again$RNDR – Render Network’s team will… pic.twitter.com/D9r8gwUzAc
— The DeFi Investor 🔎 (@TheDeFinvestor) October 29, 2023
Solana broke above $30 last week, rallying to highs of $33.90 amid bullish predictions for SOL. The DeFi Investor says the Solana Breakpoint conference that begins today, Monday October 30, could see big announcements from the team. Macro guru Raoul Pal recently predicted a potential 66% jump in SOL price if bulls convincingly broke above $30.
Render Network (RNDR) has also been a breakout performer over the past few weeks. The project’s team is expected to highlight events at Solana Breakpoint, with a further sentiment catalyst likely to be the upcoming launch of Render 2.0.
Optimism (OP) is up 14% in the past two weeks, with OP trading to weekly highs of $1.47. Although overall outlook remains bullish, the unlocking of $34.8 million worth of $OP on October 30 could inject some downside volatility into the altcoin’s market.
DeFi protocol Lybra Finance’s token Lybra (LBR) has broken below the critical $1.00 level in the past 24 hours.
Currently, the LBR price is 79% down from the all-time-high of $4.48 reached in May. While prices can revisit support levels at $0.87 and even $0.74, The DeFi Investor highlights the launch of the Lybra Grants Program later this week as a likely upside catalyst.
The project has also seen a steady growth in total value locked (TVL). DeFiLlama data shows the TVL is up from $100 million in early September to $263 million as of writing.
Key market event to watch this week
For this week, the market could be eyeing the FOMC meeting on November 1. While the Federal Reserve is expected to hold interest rates unchanged, The DeFi Investor says traders may want to “buckle up for potential market volatility.”
Apart from this, the analyst says crypto AI tokens may be on the radar of many traders given the resurgence in the AI narrative. The perspective is juxtaposed with the OpenAI conference scheduled to begin on November 6.
As such, other than Fetch.ai, traders may have an eye for a key move amongst other top AI-powered crypto projects.
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