The crypto landscape is constantly changing, and as attention shifts from the major cryptocurrencies, more focus is being placed on emerging altcoins that show promise and innovation. With October underway, there are four altcoins that stand out as potential frontrunners: Arbitrum (ARB), Solana (SOL), Radiant Capital (RDNT), and Maker (MKR).
Arbitrum (ARB) is gaining attention with the launch of its Short Term Incentive Program (STIP). This program will direct 50 million ARB tokens into protocols within its ecosystem, which is expected to accelerate liquidity. A similar program by Optimism led to a significant increase in Total Value Locked (TVL), and ARB could potentially experience a similar boost. Over 105 applications have already been submitted to the Arbitrum STIP, primarily from DeFi applications, with DEXes leading the way. The ARB price is currently trading at $0.9295, and it is important for it to break above the resistance at the 38.2% Fibonacci retracement level ($0.9721) to maintain its upward momentum.
Solana (SOL) is another altcoin that is attracting attention. With a growing DeFi ecosystem and a strong community, Solana has established itself as a prominent Layer 1 solution. Projects like Eclipse are building an Ethereum Layer 2 solution using Solana’s virtual machine, showcasing its scalability and adaptability. In the past 22 days, the SOL price has increased by nearly 40%, and it remains positive. The latest CoinShares weekly report reveals that SOL has become a popular investment among digital asset funds worldwide. The SOL price recently broke above the 200-day EMA and the 38.2% Fibonacci retracement level, signaling its potential to reach $26.63 and $32.35.
Radiant Capital (RDNT) has temporarily deferred its Ethereum mainnet deployment from October 3rd to October 15th. The organization cited the need for significant gas optimizations to ensure competitive gas costs and an optimal user experience. Despite the delay, RDNT is already leading the lending/borrowing market on Arbitrum, and its TVL is expected to rise with its cross-chain expansion. The RDNT price experienced a significant drawdown after reaching an all-time high of $0.4956 on April 15. However, it has shown a strong reaction after hitting a historical low of $0.1905. If the price breaks above the 23.6% Fibonacci retracement level at $0.2625, it could indicate a breakout from the downtrend.
Related Post
Maker (MKR) has been generating significant attention in the crypto community due to its impressive rally in recent weeks. One key factor driving its rise is its strong financial performance, with Maker being the largest revenue-generating protocol in DeFi, earning an annualized revenue of $193 million. Interest from DAI minters, particularly from Real World Assets (RWAs), contributes to this revenue. Approximately 53% of all DAI collateral comes from RWAs, generating roughly 63% of the annualized revenue. Maker’s revenue depends on DAI’s market cap, so if the DAI supply continues to grow, Maker’s revenue and price are likely to increase. Furthermore, upcoming developments such as a token split, rebranding, and the launch of subDAOs will enhance MKR’s utility and potentially create additional demand.
In conclusion, these four altcoins—Arbitrum (ARB), Solana (SOL), Radiant Capital (RDNT), and Maker (MKR)—are showing promise and potential for October. Each altcoin is making significant strides in their respective areas, and it will be interesting to see how they develop and perform in the coming weeks.
