As a seasoned crypto investor with several years of experience under my belt, I’ve learned that keeping an eye on potential altcoin contenders is crucial for maximizing returns. Solana (SOL) has undeniably been a standout performer in the crypto market, showing impressive resilience and rallying an astounding 600% in the past year. However, I believe it’s essential to also consider other promising Solana rivals that could potentially achieve a 100x bull run.
Institutional investors have an undying love for Solana, a crypto token proposed as a worthy Ethereum challenger due to its effluence blockchain supporting a cheaper yet higher transaction throughout. In the last year alone, SOL rallied 600% to $147, showing resilience and the ability to recover every time it plunges. While SOL stands out as a potential altcoin for maximum profit in 2024, investors might also want to consider 3 Solana rivals likely to achieve a 100x bull run.
1. Solana Rivals: Ethereum (ETH)
Carefully expanding your collection of alternative cryptocurrencies (altcoins) for investment involves thoughtful consideration. With a market worth of $358 billion and currently trading at $2,987, Ethereum, the largest altcoin, is a worthy addition to this diverse portfolio.
The shift from proof of work (PoW) to proof of stake (PoS) consensus mechanism on Ethereum brings about fresh prospects. Now, investors have the chance to take part in verifying transactions and safeguarding the network by staking ETH. In return, they receive incentives in the form of ETH itself, expanding their holdings.
The emergence of liquid staking protocols like Lido DAO allows stakers access to liquidity.
According to CoinGecko’s data, Ethereum is presently 38% lower than its peak price of $4,878. Given its status as the second largest cryptocurrency and a highly-traded digital asset, Ethereum boasts significant liquidity.
2. TRON (TRX)
In late April, TRON initiated its recovery phase. The cryptocurrency bounced back from a significant support point at $0.105 and the 38.2% Fibonacci retracement mark. This bullish trend caused TRON’s value to surge by approximately 18%, reaching a resistance level of around $0.123.
For the past seven weeks, this resistance level has kept prices of TRX from advancing significantly, leading to a sideways trend in the short term. Nevertheless, a closer look at daily charts reveals the emergence of an inverted head and shoulders pattern, suggesting a potential reversal.
This pattern’s emergence frequently indicates a shift in market trends, empowering buyers to instigate more significant price surges.
Additionally, there’s been a significant surge in user activity on the Tron Network, based on recent data from IntoTheBlock as shared by Felixreads. This analysis underscores a notable rise in the number of daily active addresses, with over 3 million taking part in transactions on May 6th alone.
As a crypto investor, I’m keeping a close eye on TRX‘s price action. Right now, it’s hovering around $0.122. If we manage to push past the resistance at $0.123 (the neckline), it could be a strong sign of recovery. Based on this bullish pattern, I’m optimistic that we might see a rally towards $0.133 next. After that potential milestone, there’s another intriguing price target at $0.144.
3. Render (RNDR)
The price of this alternative coin bounced back due to the combined influence of $0.7 as a support level and a 50% retracement mark. This boost propelled the asset value by an impressive 55%, reaching a peak of $10.85. A closer inspection of the daily chart reveals that this surge in price forms a double-bottom pattern, hinting at potential for further growth in the short term.
In the face of recent market adjustments, the Render token’s price found firm footing at the $7 level. Building on this foundation, the RNDR price has formed a bullish reversal pattern known as a double bottom in its daily charts. This technical configuration often emerges during local market bottoms, signaling a resurgence of purchasing interest among investors.
If the retest confirms the price staying above the $9.75 support level, buyers may initiate a rally towards $12, potentially reaching $13.8 next.
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2024-05-10 06:12