Top 5 altcoins in crypto market has kicked off August on a high note, with several altcoins reaching fresh monthly highs amid renewed optimism among traders and investors. After weeks of steady gains, market focus is shifting to which tokens could deliver the most significant returns. Well-known crypto analyst AltCryptoTalk has highlighted five altcoins that are showing strong potential this week: NEAR, OP, ENA, ZK, and PENDLE.
NEAR (Near Protocol) – Eyeing $8
NEAR Protocol has regained investor attention, currently trading around $2.6 after an 8% weekly gain. Much of the excitement stems from the community vote to cut NEAR’s inflation rate from 5% to 2.5%, reducing new token supply and potentially supporting price appreciation.
Technical analysis suggests that NEAR needs to break above $3.65 to trigger a bullish run toward $8. Analysts note that continued ecosystem growth, developer activity, and network upgrades could further enhance bullish sentiment. Traders should watch NEAR closely for a sustained breakout that could mark a larger upward trend this month.
OP (Optimism) – Aiming for $1
Optimism (OP) has shown renewed strength after bouncing from $0.60 support, currently trading around $0.74. A rise above $0.833 could propel the token to the $1 mark, making it an attractive target for short-term traders.
Investors should be mindful of the upcoming 31.34 million OP token unlock at the end of August, which could cause short-term price fluctuations. Traders are advised to monitor these developments carefully to make strategic entries or exits.
ENA – Buy-the-Dip Opportunity
ENA has surged over 30.87% this week, fueled by its stablecoin USDe, which has become the third-largest dollar-backed stablecoin in the world. ENA’s trading ranges have broken through key resistance levels, and analysts believe that surpassing $0.85 could quickly push it to $1 or higher.
For traders, ENA represents a promising buy-the-dip opportunity, combining both the growth potential of its utility token and the rising adoption of its stablecoin.
ZK (ZkSync) – Breakout Levels Ahead
ZkSync (ZK) is trading near $0.055, reflecting a 4.7% drop in the past 24 hours. AltCryptoTalk notes that a push above $0.065 could spark short-term gains, while surpassing $0.088 would indicate a stronger medium-term rally.
Investors should watch for the token unlock of 173 million ZK tokens on August 17, which could create short-term volatility and trading opportunities.
PENDLE – Bullish Trend Toward $7
Pendle is drawing attention after breaking the $5.30 mark, climbing more than 37% in the last week. Strong trading volumes and bullish technical indicators suggest that the token could continue its uptrend, potentially reaching $7 if market sentiment remains positive.
However, a drop below $5.20 could trigger a minor pullback, so traders should watch key support levels closely. Pendle’s innovative approach to tokenized future yield markets continues to make it a favorite among speculative investors.
August is shaping up to be an exciting month for altcoins, with NEAR, OP, ENA, ZK, and PENDLE all showing strong momentum and potential price action. Investors should monitor breakout levels, upcoming token unlocks, and market sentiment to make informed trading decisions.
Whether you are a short-term trader or long-term investor, these five altcoins present significant opportunities but as always, due diligence and careful risk management remain essential in the volatile crypto market.