The bear trend continues even as the new year kickstarts. Bitcoin is on its way to hit support at $46K, ETH is in sideways trade at $3.7K. The majority of coins on the chart are trading in the red. However, defying the trend are ATOM(+13%), NEAR(18.3%) and FTM(18.3%).
Austin Arnold, co-host of Altcoin Daily, has compiled a list of six crypto assets that he believes will explode this year.
Arnold tells his 1.18 million YouTube viewers in a new video that the momentum gained in 2021 will be crucial for these altcoins in 2022.
starting with the platform for smart contracts Solana. He says, in the last 9 to 12 months, Solana has had a lot of success and he believes the momentum will continue in 2022, throughout the next 9-12 months.
Arnold cites three key reasons for his belief that Solana will continue to develop, with the success of the blockchain’s Phantom wallet, which currently has over 10 million users.
At the time of writing, SOL is trading at $169.14 down by 2.6% the major resistance is at $175.57 and the support is at $166.6.
The co-host of Altcoin Daily believes that interoperable blockchain Polkadot (DOT) will take off in 2022, owing to the project’s parachain auctions.
He explains that if corporations want to get on Polkadot parachains, which they will, somewhere between $4 and $44.5 billion worth of DOT is likely to be locked up for nearly two years by the end of the first wave of auctions, lowering possible sell pressure and circulating supply on the market.
At the time of writing, DOT is trading at $29.87 up by 3.1% in the last 24 hours. The resistance is at $30 and the support is at $28.90.
Arnold suggests that the overall development activity of proof-of-stake blockchain Cardano (ADA) in 2021 could be indicative of substantial gains for the cryptocurrency in 2022.
Moving on to Polygon (MATIC), Arnold believes that MATIC’s explosive 2021 will be followed by continued growth in 2022, citing a tweet from Polygon co-founder Mihailo Bjelic.
After layer-1 and layer-2 cryptocurrencies, Arnold believes Chainlink (LINK) will ultimately take off in 2022, despite failing to satisfy many traders’ expectations in 2021.
While the price of LINK hasn’t reached new all-time highs recently, Arnold points out that many of Chainlink’s other growth measures are good. Arnold expects Chainlink’s growth to be fueled by the release of LINK’s cross-chain interoperability protocol, LINK staking, and an abstraction layer for businesses.
Finally, Arnold examines Aave, a decentralized finance bluechip altcoin that just revealed ambitions to develop a mobile wallet.
He says overall, Aave appears to be gaining traction, especially in terms of ecosystem-centric improvements, with a set of targets for the first quarter of next year. As a result, Aave will undoubtedly be on his list.