Analyst Michael van de Poppe Says AAVE, LINK and NEAR Could Lead as Altcoin Market Shifts
Key Takeaways
- •Analyst Michael van de Poppe expects established protocols such as Aave, Chainlink, and NEAR Protocol to outperform newer altcoins in the current market cycle.
- •The TOTAL Excluding the Top 10 index has climbed to roughly $247.8 billion after rising from about $198 billion in early September.
- •Van de Poppe bases his view partly on weak altcoin performance during the 2024 bull run and advises investors to assess whether project teams continue developing products toward product-market fit.
- •Resistance for the smaller-cap market is concentrated $250 billion to $255 billion, while $240 billion stands as the first notable support followed by $230 billion to $235 billion.
- •Momentum indicators remain positive, with the RSI at 57.43 and the MACD histogram at roughly 589.72 million.
Analyst Michael van de Poppe expects established protocols such as AAVE, LINK and NEAR to outperform newer altcoins in the current crypto cycle, as the market capitalization of cryptocurrencies outside the top 10 has climbed to roughly $247.8 billion after rising from about $198 billion in early September.
The smaller-cap segment faces resistance in the $250 billion to $255 billion range, while $240 billion remains the first key support level.
Van de Poppe Favors Established Protocols
In a post on X, van de Poppe said previous market cycles often rewarded investors who rotated into newer altcoins, but he does not expect the current cycle to follow that pattern. He tied his view partly to the weak altcoin performance recorded during the 2024 bull run.
Rather than focusing on new projects, he said investors should assess whether project teams can keep improving their products. According to van de Poppe, resilience matters because teams need to continue developing their products toward product-market fit. He cited Aave (AAVE), a decentralized lending protocol; Chainlink (LINK), an oracle network that supplies external data to blockchains; and NEAR Protocol (NEAR), a layer-1 blockchain, as examples of established protocols.
TOTAL Excluding Top 10 Reaches $247.8B
TOTAL Excluding the Top 10, an index that tracks the combined market capitalization of all cryptocurrencies outside the ten largest assets and is commonly used as a gauge of altcoin-market breadth, sits near $247.8 billion, with the latest four-hour candle down $721.94 million, or 0.29%. Reported volume stands at $10.4 billion, based on TradingView chart data.
The index traded around $195 billion to $200 billion in early September before reaching approximately $213 billion around September 7. After falling toward $198 billion, the market entered a stronger advance around September 16, moving above $220 billion, $230 billion and $240 billion before reaching $254 billion to $255 billion.
Smaller-Cap Market Consolidates Near $250B
Since the late-September peak, TOTAL Excluding the Top 10 has traded mostly between $240 billion and $250 billion. The current $247.8 billion level remains below the $250 billion psychological mark.
Resistance is concentrated around $250 billion to $255 billion, while $240 billion provides the first notable support, followed by $230 billion to $235 billion.
Momentum readings remain positive. The relative strength index (RSI) is at 57.43 against an average of 52.45, while the MACD line sits at 814.34 million and the signal line at 224.63 million, leaving the histogram around 589.72 million.
A sustained move above $255 billion would confirm renewed strength, while a loss of the $240 billion support could expose the $230 billion to $235 billion zone.
