Crypto Expert Unveils Top Altcoins to Monitor This May

This last week of April has sparked renewed optimism in the cryptocurrency landscape, which has been navigating various challenges throughout the year. Bitcoin has maintained its strength above the crucial $90,000–$95,000 range, alongside a surge in stablecoin production and numerous bullish patterns emerging among major cryptocurrencies and popular tokens. Veteran analyst Josh Olszewicz describes the situation as “one of the clearest multi-asset breakout scenarios we’ve encountered since late 2023.”

Possible Crypto Bull Market?

Olszewicz’s observations focus heavily on liquidity. Reports of two billion-dollar Tether mints on April 29 have led to a new all-time high in the combined supply of USDT and USDC, which he interprets as a strong indicator for speculative assets. He notes that Tether’s significant minting activity coincided with a substantial premium in the USDT/USD trading pair on Kraken, suggesting genuine demand rather than mere treasury adjustments. “This typically indicates that investors are looking to diversify into altcoins,” he remarked, noting that mints of stablecoins, especially Tether, are usually favorable for alternative cryptocurrencies.

This liquidity boost comes at a time when several macroeconomic challenges appear to be easing. Bitcoin withstood a negative US GDP report, persistent PCE inflation figures, and recent employment statistics without losing its upward trajectory over the past three months. Meanwhile, gold prices have declined, and the Dollar Index remains low, creating a backdrop reminiscent of the late-2023 rally that boosted crypto values. However, the funding markets indicate an unusual divide: negative funding on Bitcoin-related trades, contrasted with positive trends in traditional futures. “This situation is quite perplexing, but as of now, everything seems stable,” he observed.

In this context, Olszewicz further examines the Ichimoku cloud mechanics that inform his altcoin monitoring. The underlying concept is straightforward: a daily closing candle within the cloud, along with a bullish Tenkan-Kijun cross, signifies a mean-reversion target towards the cloud’s opposite edge. “Each trade follows the same principles. I treat them uniformly,” he clarified. “Achieving a better entry point is simply a probability game.” This strategy allows for clear invalidation points—either the Kijun line or a lower low—while framing it through Dow theory and Ichimoku analysis.

This approach is indicating potential across a surprising range of assets.

Top Picks: Solana and Curve

Solana tops his watchlist. The layer-one token has experienced six straight days of declines, shaping what looks like the “right shoulder” of an inverted head-and-shoulders pattern, with its neckline rising towards the $200 mark. “I need to closely monitor this possible edge-to-edge move,” he noted, suggesting optimal entry points between $140 and $120, although they aren’t strictly necessary. “In the coming week or two, we should receive a solid signal for an entry on SOL based on the cloud dynamics.”

Additional Insights

In contrast, Curve is already making moves—posting double-digit gains on a day when many altcoins falter. “The reason for its 10% increase today, while others have dropped, remains unclear,” he admitted. Nonetheless, its technical setup is quite clear: a prolonged accumulation phase, a closing candle within the cloud near its lower threshold, and a bullish TK cross. “You’re making progress towards the other end of the cloud,” he stated, hinting at a projected target near $1.20, suggesting a potential doubling from the current price.

Ethereum and Litecoin

While Solana and Curve signal near-term opportunities, Ethereum remains a laggard, still refining what Olszewicz describes as a bottoming process. “ETH will need to exert considerable effort to get going… but this bottoming process is ongoing. It could stretch into June.” Traders looking for better risk-adjusted returns might prefer other options, returning to Ethereum once it demonstrates a confirmation with a daily close within its own cloud.

Litecoin shows a similar pattern, displaying an inverted head-and-shoulders formation that may require some more time, potentially developing by early June.

FET, LINK, ALGO

Fetch.ai has broken through the cloud as of April 23 and is exhibiting a bullish TK cross, but Olszewicz acknowledges that this follows a few weeks of upward movement, which may diminish risk-reward prospects.

Additional Insights

Chainlink displays a classical right-shoulder pattern still under construction—”watch for alerts at fifteen,” he advised—while Algorand approaches a 32-cent target within the cloud, just one daily close shy of confirmation.

In all situations, the analyst stresses that until formal signals materialize, the likelihood of continued momentum remains statistically lower.

Meme Coins: DOGE, PEPE, and WIF

The meme segment of the market appears to be signaling the possibility of a retail rebound, with Dogecoin particularly intriguing to him. “Along with ENA, Doge offers one of the best potential returns,” he noted, though he believes the pattern needs another week to fully form the right shoulder. He is specific about his conditions: “Wait another week or two, and this setup looks promising,” with focus on the $0.175 level.

PEPE, on the other hand, presents a simpler picture: it is situated within the cloud, accompanied by a bullish TK cross and a clear neckline at the Kijun. “If Ethereum even shows a slight uptick, I anticipate this could surge twenty-five percent in one day,” he remarked while cautioning that a potential “negative twenty percent day” could occur prior to any rally.

WIF is currently “pushing against the cloud” and nearing its own TK cross. After retracing from $4.80 to lower levels, it appears to be a “solid setup,” although he admitted, “my inclination for optimal entry remains lower, near the cloud’s edge.”

Bitcoin Dominance

Bitcoin’s dominance, which is still reaching cycle highs, complicates the narrative surrounding asset rotation. “Does it really matter if you aren’t fully invested in Bitcoin during this period of extreme dominance?” he rhetorically questioned. His perspective is temporal, recalling how dominance was critical during the October 2023 low, and he believes it will be relevant again when it begins to retreat.

Looking ahead to May and June, he anticipates that altcoins will start to outperform, but he offers a cautionary note: “Staying in these Bitcoin pairs has not been ideal.” The one exception is Solana’s Bitcoin chart, which reflects the USD outlook with a half-finished inverted head-and-shoulders formation and a significantly higher cloud target.

Currently, SOL trades at $151.90.

Featured image generated with DALL.E; chart from TradingView.com.