3 No Brainer Solana Altcoins To Turn $500 Into $5,000

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As a seasoned researcher with years of experience navigating the ever-changing crypto markets, I find myself intrigued by the potential of Solana’s ecosystem and its associated altcoins – Pyth Network (PYTH), Jupiter (JUP), and Dogwifhat (WIF).

In simpler terms, the digital currency known as SOL, which operates within the Solana network, recently experienced a downturn due to the market’s general selling trend. This negative trend also affected other coins in the Solana family such as Pyth Network (PYTH), Jupiter (JUP), and Dogwifhat (WIF). However, this dip could present an opportunity for investors who have been on the sidelines to potentially buy before another rise occurs.

Solana Altcoins to Rebound as Ecosystem Expands with $5.01 Billion TVL

Regardless of August’s market turbulence, the total value locked within Solana surged from $3.8 billion to $5.01 billion, marking a 31% rise. This upward trend in Total Value Locked (TVL) implies that more funds are being directed towards its decentralized apps (dApps), which suggests an increase in user adoption. If the market recovers, investing in Solana-related altcoins like PYTH, JUP, and WIF might prove to be a shrewd move to capitalize on SOL‘s expanding ecosystem.

Dogwifhat (WIF) 

Over the past five months, the Dogwifhat meme coin built on the Solana platform has exhibited a consistent downtrend, shaped around a wedge pattern. The price action of Dogwifhat has been confined within this pattern’s two converging trendlines, causing its value to drop from $4.86 to $1.50—representing a 67% decrease. Additionally, the market capitalization for Dogwifhat has declined to approximately $1.58 Billion.

As the price nears the high point of the wedge pattern, the growing number of whales indicates a possible price reversal. If buying pressure continues, the Dogwifhat might surge by 22% prior to a significant breakout over the upper trendline.

3 No Brainer Solana Altcoins To Turn $500 Into $5,000

Jupiter (JUP)

Compared to other Solana-based cryptocurrencies, Jupiter’s price seems more akin to Solana’s price stabilization over the past five months. Right now, each Jupiter coin is valued at approximately $0.79, and its total market capitalization stands at around $1.078 billion. If the market downturn continues, sellers might cause a 11.5% decrease, potentially leading to a test of the seven-month support level along the rising trendline.

Despite the general market downturn in August, the combined worth locked within Jupiter saw a significant surge, peaking at an impressive $1.125 billion as per DefiLama’s data. This upward trend indicates a rising trust and frequent utilization of Jupiter’s platform among users.

Pyth Network (PYTH)

Based on a recent announcement, the Pyth Network has connected its pricing data framework to Sony Group’s new Soneium blockchain, making it the initial oracle service within this network.

In the midst of recent market developments, the PYTH successfully withstood selling pressure and maintained its position above $0.26 support level. Looking ahead, the market forecast appears more optimistic for bulls, as the Funding rate for the PYTH stands at 0.0064%, according to Coinglass data. This positive figure suggests that traders are willing to pay a premium to keep a long position in this asset, expecting a potential market recovery.

3 No Brainer Solana Altcoins To Turn $500 Into $5,000

Conclusion

These three Solana-based altcoins offer a mix of innovative technology, strong community support, and growth potential. As the broader market trend remains, investing in PYTH, JUP, and WIF could offer a suitable dip opportunity to accumulate them at a discount.

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2024-08-28 23:52