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RWA Altcoins to Watch for Gains in October 2024

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As the altcoin market witnesses a resurgence in activity, tokenized real-world assets (RWA) are worthy of your attention as a trader.

For those seeking to diversify their portfolios, this analysis spotlights some RWA-based altcoins that may offer gains in October. 

Pendle (PENDLE)

PENDLE, the utility token for the Pendle protocol, has seen a sharp rise in value, climbing 27% over the past week, making it one of the key Real World Asset (RWA) altcoins to watch in October. Currently trading at $4.34, PENDLE has maintained a strong upward trajectory, trading above an ascending trend line in recent weeks.

This trend line indicates sustained market demand and upward momentum. If PENDLE remains above this line, its main target in the coming weeks will be the key resistance level of $6.31. However, if selling pressure increases, the price could drop below the trend line, potentially reaching $3.16.

Read more: Real World Asset (RWA) Backed Tokens Explained

pendle price prediction
Pendle Daily Analysis. Source: TradingView

It’s also important to consider the ongoing token unlocks. Pendle Protocol is set to initiate a new token unlock starting on October 2, during which 31,210 PENDLE tokens will be unlocked daily for seven consecutive days.

While this gradual release isn’t large enough to cause a significant price drop, it does increase the circulating supply, which could put slight downward pressure on the token’s value. 

AVAX, the native token of the Layer-1 blockchain Avalanche, has seen an 8% spike in value over the past week, trading at $27.94 as of this writing. According to its daily chart, AVAX is nearing a significant resistance level of $28.66, which has been holding since July.

The rising Balance of Power (BoP), an indicator that measures the strength of buyers relative to sellers, suggests that a breakout above this level may soon occur. At press time, AVAX’s BoP stands at 0.64, signaling that buyers currently have more control over the market. If this buying pressure continues, AVAX could surge toward $55.07, a considerable price target.

avax price prediction
Avalanche Daily Analysis. Source: TradingView

However, should the attempt to break through the $28.66 resistance fail, the price could drop toward $17.33, as weaker buying momentum may push AVAX back toward lower support levels.

Powered by its VET token, VeChain has emerged as a pioneer in real-world enterprise applications. The recent surge in the token’s value makes it one of the key RWA assets to watch. Currently trading at $0.02, VET has seen a 14% rally over the past week, indicating the potential for continued gains.

According to its daily chart, VET recently broke above a descending triangle, a bullish technical pattern, signaling an uptrend. If the token successfully retests the breakout line, this will confirm the continuation of the uptrend, positioning VET to potentially reach $0.04 in the coming weeks.

VeChain Daily Analysis. Source: TradingView

However, if the retest of the breakout line fails, VeChain’s VET token could lose momentum and slip below the descending triangle’s support line. In such a scenario, VET’s price might drop to $0.01.

Ondo (ONDO)

ONDO is currently trading at $0.78, having experienced a 24% price hike over the past week. The growing demand for the altcoin is reflected in its rising Relative Strength Index (RSI), which tracks market conditions to identify whether an asset is overbought or oversold. At press time, ONDO’s RSI stands at 66.87, indicating strong buying activity and suggesting the potential for an extended rally.

ondo price prediction
Ondo Daily Analysis. Source: TradingView

If the current upward trend continues, ONDO’s price could reach $0.87 in the short term. Further momentum could push the price up to $1.09 if the rally persists. However, if selling pressure increases, ONDO’s price may face a decline, potentially dropping toward $0.50.

Beyond the broader market sentiment, Chainlink’s (LINK) 10% price increase over the past week has been fueled by a rise in user activity on the network. On-chain data shows a 13% increase in unique active addresses trading LINK in the past seven days.

Additionally, demand for the altcoin has surged, with the creation of new addresses for LINK trading spiking by 29% during the same period. If this demand remains strong, LINK could extend its gains to $15.47.

Read more: How To Invest in Real-World Crypto Assets (RWA)?

link price prediction
Chainlink Daily Analysis. Source: TradingView

However, if accumulation slows down, a pullback to $11.24 is possible. Traders should watch for signs of continued demand or potential weakening in accumulation activity.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Polymarket Faces Ban in France as US Election Betting Ends

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According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.

Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.

France Users May No Longer Access Polymarket

According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.

The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.

“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.

Read more: What is Polymarket? A Guide to The Popular Prediction Market

 Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.

“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.

Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.

However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.

France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.

Polymarket’s Fate After US Elections

Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.

As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.

Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.

Polymarket Monthly New Accounts
Polymarket Monthly New Accounts. Source: Dune

Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.

Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.

Read More: How To Use Polymarket In The United States: Step-by-Step Guide

Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.

Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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