Crypto analyst Miles Deutscher thinks three altcoins could be great trades this week, noting the strength many of these tokens are exhibiting.
In his latest Weekly Token + Narrative Watchlist post on X, the analyst identified SingularityNET (AGIX), Fetch.ai (FET) and Ocean Protocol (OCEAN) as tokens that could benefit from a resurgence in AI narrative.
Deutscher noted: “$AGIX, $FET, $OCEAN: The AI narrative hype is back in the lead up to a stacked month of AI conferences. Most notably, OpenAI’s first developer conference on the 6th. When AI runs, it runs hard.”
According to him, rather than try to “speculate on dubious low caps, it is often better to just long the leaders.” He sees AGIX, FET and OCEAN as top of the table for tokens in this category – which also includes Render (RNDR). These projects were at the forefront of the AI run witnessed earlier this year and have surged in recent weeks as the AI resurgence materialized.
Indeed, data from CoinGecko shows these tokens have rallied between 25% and 60% in the past week, with Fetch.ai outperforming the highlighted peers. AGIX exploded earlier this year when OpenAI launched ChatGPT-4.
Solana also one to watchDeutscher also highlights Solana (SOL) as a potential short trade this week. As noted earlier today, SOL is among the altcoins to watch as the market could react to major announcements at the Solana Breakpoint 2023.
“Remember, this is SOL’s first major conference since the FTX collapse – and I suspect a hugely positive response from the community to come out of this. However, the last 2 Breakpoints have resulted in a “sell the news” event. We saw a similar sell-off on $LINK earlier this month. Bias is (cautiously) short,” Deutscher wrote.
SOL has traded to highs of $35 in the past 24 hours, setting up a potential run to forecast resistance around $50. If the sell the news scenario unfolds in the short term, SOL/USD could rely on support at $30 and then $24.
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