NEAR & INJ challenge ETH’s dominance; Bullish outlook for 2024

An analyst who goes by the name The Crypto Dog has hinted that layer-1 altcoins are likely to gain more attention than Ethereum, also terming them as its rivals. Altcoins in conversation are NEAR and INJ. The heavier weight is on NEAR by the smart contract protocol Near.

The analyst has said that NEAR will soon make a move, if not today, then tomorrow. The comment comes at a time when the token is up by 1.71%, listed at $7.14 at the time of drafting this article. However, it will first have to find a breakthrough and achieve the milestone of $9. Once achieved, the target will be to sustain that milestone for longer.

The Crypto Dog added that NEAR is struggling to move above the diagonal resistance before asking the community to monitor the token more closely.

INJ is down by 0.22%, exchanging hands at $35.18. It is on a soft cushion, provided no major fall is below the $30 mark. The upcoming milestone is $40, likely to hit by this year’s end. The analyst is hopeful that INJ could become interesting once again. NEAR price forecast estimates that the token will have a bull run this year. Similarly, speculation is that INJ will take the same ride and boost Injective within the ecosystem.

The next seven days are crucial. The Crypto Dog has hinted that the days will lay out a direction for NEAR and INJ. Ongoing price correction could ensure that weaker hands leave the list or are flushed out from the broader crypto market.

Altcoins are also receiving more attention because the Solana community is interested in SOL. The token did surpass $182 in the last 24 hours before retracing to $177.03, a slip of 2.10% in the last 24 hours. SOL has gained value in the last 30 days by growing at 23.89%.

It is anticipated that Bitcoin will drive the trend and establish the standard for other cryptocurrencies available. BTC has retraced to a low from an ATH as well, but the trajectory is rather bullish. For reference, it was rallying at ~$66,000 but is now up to ~$69,800. Halving could further push the value and bring attention to the crypto sphere.

A reason why altcoins could gain attention is because of the weight at which they can be accumulated. Plus, there is an underlying opportunity to allow altcoins to fetch long-term profits. Traders would diversify their digital portfolios for better returns and distribute the funds to the likes of BTC, ETH, and altcoins.

Not to forget, meme coins and AI tokens are seeking to leave a mark on the trading list.

Layer-1 altcoins have flipped the interest as Ethereum rivals—ETH trading at $3,429.10, up by 0.985 in the last 24 hours at the time of writing this article—to create a ripple effect against BTC, too.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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