As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market volatility and price swings. The recent breakout in Bitcoin above $70,000 was a much-needed sign of optimism for the bull run in 2024. However, the mini bull run in Q1 was not limited to BTC alone, as altcoins like Solana also rallied during that period, buoyed by the approval of Bitcoin ETFs.
Investors’ eagerness for the 2024 bull run in Bitcoin was evident when its price surged above $70,000 on Wednesday. Solana and other altcoins also experienced gains during Q1 due to the mini bull run fueled by the approval of Bitcoin ETFs in January. However, crypto prices saw a significant decline in April and May, marked by increased volatility. This downturn can be attributed to factors such as inflation, regulatory measures, and geopolitical tensions.
The price of Bitcoin plummeted from its record-breaking high of $73,837 to $56,500 according to CoinGecko data. Similarly, Solana experienced a significant drop in value during April and May, falling from a peak of $207 to $120.
Solana’s price has bounced back above $170, but it’s still struggling to break through the resistance at $180. For investors aiming for a return of over 100 times their investment in their portfolios, it may be necessary to explore other altcoins, such as the newly introduced NOT and popular meme coin Floki, to add to their holdings.
1. Altcoins To Buy – Notcoin (NOT)
Over the past week, Notcoin’s value has surged by an impressive 120%. However, the past day has displayed a significant downturn, with losses amounting to approximately 12% during US trading hours on Wednesday.
As a researcher, I’d put it this way: Prior to the correction, the price of the viral tap-to-earn meme coin hadn’t reached its all-time high of $0.02836. However, for those investors who bought this digital asset at its lowest point, which was priced at $0.004611, their initial investment had more than tripled, resulting in a gain of over 300%.
Currently, Notcoin faces the challenge of demonstrating stability in value to potential investors. This situation piques the curiosity of traders, who may look to capitalize on any upcoming price surge to a new record high.
Although the easy route tends to lean significantly toward a decrease, it’s important to note that the price has yet to dip below its 20-day Exponential Moving Average (EMA). This reinforces a bearish perspective, which is further supported by a prominent sell signal generated by the Moving Average Convergence Divergence (MACD) indicator.
Multiple significant points may influence the direction of Notcoin’s price this week. If the price bounces back from the 38.2% Fibonacci retracement level, it could rekindle investor interest and help Notcoin recover to its previous peak, potentially reaching a new record high above $0.03.
2. Floki (FLOKI)
Floki has made a notable advancement despite being eclipsed by other meme coins previously. Its robust and reliable foundation has bolstered faith among investors, resulting in impressive gains. Over the past week, Floki experienced a 13% increase, capitalizing on the meme coin trend to reach an all-time high of $0.0003462 on May 5.
If FLOKI reaches a price of $0.00033, it may encounter strong resistance at around $0.00039. Overcoming this hurdle might then allow FLOKI to pursue greater resistance at $0.0004. With sustained bullish pressure, FLOKI could potentially advance toward the price level of $0.0005.
As a researcher studying the price trend of FLOKi, I would note that if the token’s value drops below $0.00032, it might continue to decline and reach the descending support trendline at $0.00031. In a bearish market scenario, FLOKi could potentially fall further, with a target support level of $0.0003.
Take Away
The steady advancement of Solana can be attributed to heightened network usage and a strong base of developers. Furthermore, the recent surge in popularity of Solana-related meme coins is an indicator of continued expansion for this alternative coin.
Should the bulls manage to propel the price above the $180 resistance mark, it could open up possibilities for additional advancements. Breaking through this threshold may motivate Solana (SOL) to approach the subsequent significant resistance point at $190.
As a crypto investor, I’m excited about the current upward trend of this altcoin. If it continues, we might see an ambitious attempt to break through the $200 resistance level. Should the bullish momentum pick up even more steam, the coin could potentially set its sights on $250 as the next target price.
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2024-06-05 21:18