In their latest report, Messari’s team of analysts delves into the cryptocurrency landscape, revealing their bullish outlook on specific tokens for 2024. Notably, the analysts express confidence in Bitcoin, Solana, and a range of AI tokens, while adopting a bearish stance on Ethereum.
Solana takes center stage in their analysis, alongside Bitcoin, as both are identified as the major beneficiaries by multiple analysts. This positive sentiment toward Solana stems from its impressive recovery following the FTX collapse, evidenced by a robust reversal in the SOL/ETH price ratio. Despite some caution towards Ethereum due to its beta nature, several analysts maintain ETH in their portfolios, reflecting a tentative yet optimistic perspective.
Render Token (RNDR) captures substantial attention, particularly from analysts like Maartje and Seth, who identify it as a standout performer. RNDR, the token empowering a distributed GPU rendering network, is recognized for its pioneering integration of blockchain with advanced AI and graphics processing capabilities. The analysts, including Dustin and Mihai, express optimism about the intersection of AI and crypto, highlighting tokens such as OLAS, AKT, TAO, and RNDR. They emphasize the transformative potential of zk-coprocessors and on-chain cognitive frameworks, drawing parallels with the functionality and performance of Web2 applications.
While enthusiasm surrounds these selected tokens, analysts remain mindful of associated risks. The report underscores that over 90% of meme coin traders incur losses, emphasizing the unpredictability within the meme coin “industry.” The recovery and growth of the Shiba Inu ecosystem, for example, are viewed skeptically given its recent underperformance in the market, struggling to achieve substantial gains. This challenges the viability of meme coins and tokens linked to specific applications or themes. The analysts’ optimism primarily hinges on the convergence of AI and blockchain, along with the solid fundamentals of projects like Solana and Bitcoin.
