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The crypto market has been fluctuating between bullish and bearish sentiment throughout the past week. As July draws to a close, a clear trend remains elusive. While some altcoins struggle to gain traction, others are already reaching new all-time highs.
BeInCrypto has analysed three such altcoins that could reach a new all-time high in the coming days.
Sky Protocol ($SKY)
$SKY is currently trading at $0.0994, just 6% away from its all-time high ($ATH) of $0.1054. Investors have been eagerly awaiting this level for over seven months. The altcoin is showing signs of upward momentum, with the $ATH now within reach if current trends continue.
The broader market’s bullish sentiment supports the expectation that $SKY could soon reach its $ATH. If the altcoin can successfully flip $0.1000 into a strong support level, it will likely surge to the $ATH of $0.1054 and potentially exceed this price, further fueling investor optimism.
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On the other hand, if investors begin to cash in on their gains, $SKY could face selling pressure. This may lead to a pullback towards $0.0920. If the support at this level fails to hold, it would invalidate the bullish outlook, potentially triggering a deeper decline.
Hyperliquid ($HYPE)
$HYPE has shown some stability in recent days after a decline to $42. The altcoin is currently trading at $44, which leaves it approximately 12% away from its all-time high ($ATH) of $49. This recovery signals a potential for growth if the broader market remains favorable.
For $HYPE to reach its $ATH, it must first flip $46 into a strong support level. The performance of the broader market will play a crucial role in this. If $HYPE can maintain upward momentum and secure $46, a rise to the $ATH is within reach.
However, if $HYPE fails to secure $46 and faces selling pressure, it could slip back to the support at $42 or lower. Such a drop would invalidate any bullish outlook for the altcoin and could lead to a further decline in price.
Saros (SAROS)
SAROS price is currently at $0.357, showing upward momentum after bouncing off the support at $0.341. The altcoin is roughly 20% away from its all-time high ($ATH) of $0.427. This suggests that SAROS has the potential for further gains if the current trend continues.
During uptrends, SAROS has historically risen by 10-12% within a day. Given the current market conditions, if SAROS can secure $0.399 as support, the altcoin could likely reach its $ATH of $0.427.
However, if selling pressure intensifies and SAROS falls below the support at $0.341, the price could drop to $0.293. Such a decline would invalidate the bullish thesis and suggest a deeper downtrend, reversing recent gains.