5 Layer 1 Altcoins To Buy For $1M Potential If Crypto Market Cap Hits $5T

As an experienced crypto analyst, I believe that the ongoing bull run in the crypto market presents an excellent opportunity for investors to consider buying Layer 1 altcoins. These altcoins have the potential to turn small investments into substantial portfolios if the overall market cap reaches $5T. In this article, we will discuss five promising Layer 1 altcoins: Solana (SOL), Cardano (ADA), Avalanche (AVAX), NEAR Protocol (NEAR), and Algorand (ALGO).

As a seasoned analyst in the crypto sphere, I strongly believe we’re nearing the zenith of the 2024–2025 bull run. This period is characterized by heightened volatility. If you’re looking to capitalize on this market condition, consider investing in Layer 1 altcoins that have the potential to transform modest investments into substantial seven-figure portfolios. Delve deeper into the lesser-known gems among these Layer 1 altcoins; their untapped growth could yield significant returns if the overall crypto market cap surpasses the $5T mark.

1. Altcoins To Buy – Solana (SOL)

As a crypto market analyst, I’ve observed that Solana has gained significant traction in the digital currency sector thanks to its impressive throughput capabilities and affordably priced transactions. The platform’s ecosystem is expanding at an extraordinary rate, with an increasing number of decentralized applications (dApps) and projects being developed on it.

As a researcher studying the cryptocurrency market trends, I’ve observed an uptrend in Solana’s price action over the past seven months. Despite Bitcoin experiencing a significant dip in April, Solana displayed remarkable strength and resilience throughout this period.

In a generally optimistic market atmosphere, Solana’s (SOL) price continues to rise above its 50-day and 100-day moving averages. Notably, a significant support area has emerged at the $123 mark, which previously acted as a resistance barrier. This support level has been put to the test on two occasions, but so far it has held firm.

The price of Solana (SOL) has burst out of its small price range and peaked at $189. However, it subsequently retested this resistance level. For SOL to reach new annual highs, it needs to surmount the significant barrier at $210. In summary, despite this minor setback, Solana continues to be a robust choice for long-term investment in the altcoin sector.

2. Cardano (ADA)

Cardano stands out for its methodical methodology in constructing blockchain technology. The recent introduction of its smart contracts feature expands the horizons for decentralized finance (DeFi) innovations and other potential use cases.

The current downtrend of ADA‘s price movement is under the 200-day simple moving average (SMA), which could raise concerns for investors. Yet, there’s a robust support system at approximately $0.40 that might help mitigate potential losses.

As an analyst, I’d observe that Cardano’s price action is predominantly characterized by consolidation at the moment. Several potential resistance levels loom overhead for the cryptocurrency. However, when we’re in a bull market, Cardano has a reputation for outpacing its peers in the top 10 cryptocurrencies by a significant margin.

#Crypto analysts predict a potential bull run for Cardano ($ADA).
Technical indicators and increased trading volume suggest a shift in market sentiment.
Monitor the latest advancements with ADA carefully and carry out thorough investigation prior to making an investment. #CryptoUpdates #ADA #BullishSignals
— BitsPuls (@bitspuls) May 22, 2024

Experts in crypto analysis anticipate a possible price rise for ADA due to heightened trading activity. With over 10 million tokens now in circulation on its network, Cardano’s expanding infrastructure highlights growing acceptance of this digital currency.

3. Avalanche (AVAX)

As a researcher studying the blockchain landscape, I’d describe Avalanche as a versatile and extensible blockchain solution that is capable of handling large-scale applications. Its unique consensus mechanism, named Avalanche Consensus, enables swift transactions at minimal fees. Notably, Avalanche has garnered significant interest due to its thriving DeFi ecosystem and interoperability capabilities.

Avalanche’s price is currently displaying a prolonged period of sideways movement, signifying an intense battle between buyers and sellers. The lower limit of this range has been attempted six times in the previous seven months, serving as a robust foundation for Avalanche’s pricing.

Moving forward, AVAX must surpass its current resistance level to regain former peak prices. In the middle of March, the AVAX price soared past $60 amidst a broader market surge, marking a 141% increase within an astounding 2-month timeframe.

The price instability we’re seeing now could indicate significant growth during a larger market rally. As for Avalanche (AVAX), its value hasn’t fully accounted for the potential impact of DeFi and memecoin trends yet, making it an intriguing option among other layer 1 altcoins worth considering.

4. NEAR Protocol (NEAR)

NEAR focuses on usability and developer-friendly features. It aims to make blockchain accessible for mainstream adoption. NEAR’s sharding architecture and low-latency transactions position it as a promising layer 1 solution.

At this affordable price, it’s an excellent time to invest. The current trend shows the price moving above both the 50-day and 200-day moving averages, adding strength to the optimistic outlook suggested by the forming ascending triangle.

As a crypto investor, I’m keeping a close eye on NEAR as its price reaches the breaking point of an ascending triangle. Based on past performance, when NEAR shatters this chart pattern, it could lead to a significant price surge. In fact, the last time NEAR broke free from such a structure, it skyrocketed an impressive 693% and is now trading at $7.7. Given its potential, NEAR is definitely worth considering as one of the most promising layer 1 altcoins to add to my portfolio in 2024.

5. Algorand (ALGO)

As an analyst, I’d emphasize that the Algorand network prioritizes security, scalability, and decentralization in its design. Specifically, its reliance on a pure proof-of-stake (PoS) consensus mechanism enables quick finality and minimal energy consumption. In the burgeoning fields of Decentralized Finance (DeFi) and digital asset tokenization, Algorand has garnered significant attention recently, moving it closer to broader retail adoption.

The current price of Algorand (ALGO) on the market is particularly attractive for potential buyers. Among the listed altcoins, Algorand could potentially yield the highest returns if one aims to expand their portfolio into the seven-figure range.

The current price of Algorand on the weekly chart is hovering slightly beneath its 50-day Simple Moving Average (SMA). Additionally, this price level sits at the bottom end of a seven-month price range, presenting an excellent opportunity for investors to enter the market. Those who purchase ALGO now hold the potential for significant gains if the asset reaches its previous all-time high price, which would represent a 14X increase from the current point.

At these price levels around $0.3 and $0.4, ALGO could encounter some opposition during its upward journey. However, the strong technology developed by the team keeps the project significant within the blockchain industry.

Final Thoughts

Among the top-tier altcoins at the foundational (layer 1) level, this compilation highlights some promising choices, taking into account their technological merits, community support, and levels of adoption. Solana is a noteworthy option due to its strong community backing, but it lags significantly behind Algorand in terms of technology. Before investing in layer 1 altcoins, thorough research is essential; this compilation serves as an excellent starting point.

2024-05-28 14:02