Crypto trader and influencer Lark Davis is naming his top five digital assets to watch for big gains in August.
In a new video, Davis starts his list with Ethereum (ETH), noting the second-biggest crypto by market cap is scheduled to receive its London Hard Fork update on August 4th.
The London Hard Fork will overhaul the Ethereum network’s transaction fee models, among other things. Davis sees the update as a big catalyst that could drive a more bullish narrative around ETH this coming month.
Coin number two on the analyst’s list is layer-2 scaling solution Polygon (MATIC), which opened the year at $0.02 before exploding to $2.45 in May – for an incredible 13,150% gain on the year.
According to Davis, MATIC’s rise isn’t over yet.
“I think that there’s a lot of gas left in the tank on this coin. I think the next price targets I would be watching as the market becomes more bullish would be $5.00 and $10.00 for Polygon.”
The third coin on the trader’s list is LUNA, the native token of decentralized payment network Terra. Davis names a few key catalysts that could help LUNA rally hard in the near future, including the highly anticipated Columbus-5 upgrade that will revamp LUNA’s tokenomics and add support for interchain assets such as Solana (SOL) and Cosmos (ATOM).
“All this stuff right here is mega-, mega-important. It all has good positive price catalysts for the LUNA asset.”
Coin number four is Polkadot (DOT). Davis notes the recent parachain auctions on Kusama – Polkadot’s canary network – and speculates that DOT could soon have its own parachain auctions.
“We’ve entered the Polkadot era of parachains becoming a real thing. They’re alive on Kusama. Right now, these guys are active. They’re doing stuff, which means that Polkadot’s big brother chain – the DOT network – it’s going to have its parachains coming in the not-so-distant future, and I would suspect we’re going to see some announcements around that pretty gosh darn soon…
I think very very soon we’re going to see parachain auctions announced for the Polkadot network, and that means we’re going to see that hype building into the launch of parachains on Polkadot.”
The last crypto on Davis’ radar for August is Cardano (ADA). The trader says that ADA has been a “very strong coin” over the last year, claiming that its price has gone up by almost 60x since around this time in 2020. According to Davis, Cardano’s implementation of smart contracts, planned for September, could be the catalyst that takes ADA to the next level.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Dario Lo Presti/andrey_l