Renowned analyst Lark Davis looks at five cryptocurrencies that could shine in October.
strategist speak with his 437,000 YouTube subscribers that he is optimistic about Solana (SOL), Polygon (MATIC), Elrond (EGLD), Polkadot (DOT) and Bitcoin (BTC).
Starting with Solana, Davis believes Solana’s thriving NFT business will attract more investors to the project.
“What I’m currently excited about about Solana is NFT. In the last few days I have seen many NFTs started on Solana and also many NFT architectures that are being implemented here …
The extent of the NFT madness on Solana is huge. People making huge profits from NFT on Solana are showing that the network offers a non-fungible token that everyone wants to buy and use to make money. “
At the time of this writing, SOL is trading at $ 138.4, down 7% over the past week.
Daily SOL / USDT chart | Source: TradingView
The next coin on Davis’ list is Polygon (MATIC). He assumes that the altcoin will pick up speed again as soon as the number of daily users increases.
“For the first time, Polygon has more daily active users than Ethereum. MATIC has 351,000 daily active users while ETH only has 326,000.
It makes a lot of sense and I understand why. If you work on Polygon you can basically use whatever you see on Ethereum, but with lower fees and faster speeds. That is interesting.”
He also mentioned that MATIC is working with multinational consulting firm Ernst & Young to further develop Ethereum’s scaling solutions.
At the time of this writing, MATIC is trading at $ 1.12, down 8.6% for the past week.
MATIC / USDT daily chart | Source: TradingView
Next up is Elrond (EGLD). The analyst believes the altcoin will explode if DeFi applications and other products launch on it.
“I think Elrond will soon be launching DeFi applications and many other products. After that, the blocked total (TVL) will skyrocket on the platform. Users collect EGLD to lock various DeFi applications at a profit. At that time we saw a strong rally at EGLD. “
At the time of this writing, EGLD is trading at $ 204.7, down 10.7% last week.
Daily EGLD / USDT chart | Source: TradingView
The fourth token on its list is Polkadot (DOT). Davis believes DOT value will rise as Parachain auctions are expected to start soon on the Polkadot blockchain.
“Once the auctions start I think this will be an extremely bullish factor and Polkadot will see a strong rally. I think there will be an announcement earlier than many people expect. “
At the time of this writing, DOT is trading at $ 27.95, down 11.7% over the past week.
DOT / USDT daily chart | Source: TradingView
Ultimately, Davis expects Bitcoin to hit the October highs. The analyst stressed that while the approval of the Bitcoin Futures ETF is primarily for Wall Street, it will open the door for regulators.
“I think the introduction of the Bitcoin Futures ETF will open the door to a Bitcoin ETF spot, which is what we want because it really matters. You have to use real Bitcoin, block it, issue a paper contract on your broker account. This is the kind of Bitcoin ETF we’ve been waiting for …
If Bitcoin Futures ETF is bullish then Spot Bitcoin ETF is extremely bullish and I think Futures ETF will be the incentive for Spot ETF approval. That could happen very, very soon. “
At the time of this writing, BTC is trading at $ 43,075, down 1% over the past week.
BTC / USDT daily chart | Source: TradingView
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