Solana
3 Solana Rivals Worth Buying in May, 100x Their Potential in 2024
Institutional investors have an undying love for Solanaa crypto token proposed as a worthy Ethereum challenger due to its effluence blockchain supporting cheaper but higher transaction throughout. In the last year alone, SOL is up 600% to $147, showing resilience and the ability to recover every time it dips. While GROUND stands out as a potential altcoin for maximum profit in 2024, investors could also consider 3 Solana rivals likely to achieve a 100x bull run.
1. Solana Rivals: Ethereum (ETH)
Diversifying the altcoin purchasing portfolio requires careful planning. As the largest altcoin with a market value of $358 billion and trading at $2,987, Ethereum earns a place in this portfolio.
ETHUSD Price Chart
The transition from a Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism continues to open the Ethereum network to new opportunities. Investors can now stake ETH to participate in transaction validation and ensure network security. By doing so, they earn rewards in the same coin, thereby increasing their holdings.
The emergence of liquid staking protocols like Lido DAO allows stakeholders to access liquidity.
Ethereum currently sits 38% below its all-time high of $4,878, CoinGecko the data shows. As the second largest cryptocurrency, Ether is one of the most traded digital assets and therefore extremely liquid.
2. TRON (TRX)
TRON began the ongoing recovery phase in late April, rising from a critical support level at $0.105 and the 38.2% Fibonacci retracement level. This bullish move caused the asset’s value to surge by 18%, pushing it to test resistance at $0.123.
TRXUSD Price Chart
This resistance level has remained firm over the past seven weeks, resulting in a short-term sideways trading trend. TRX. However, daily analysis indicates that this recent rally has formed an inverted head and shoulders pattern.
This trend change often signals a change in market dynamics and allows buyers to lead higher rallies.
Additionally, the Tron network is showing a marked increase in user activity according to recent data from IntoTheBlock, as reported by Felixreads. The analysis highlights an impressive increase in daily active addresses on the network, with May 6 alone seeing 3 million active addresses participating in transactions.
THE TRX Price is currently trading at $0.122 and a break above the $0.123 neckline resistance will intensify the recovery momentum. if the trend continues, buyers are expected to trigger a rally to $0.133, followed by $0.144.
3. Rendering (RNDR)
This altcoin rebounded from combined support at $0.7 and a 50% retracement level propelled the asset’s value 55% to a high of $10.85. A closer look at the daily chart reveals the rise as a double bottom trend, suggesting the possibility of further upward movement in the near future.
RNDRUSD Price Chart
Amid the recent correction, the Rendering price found strong support at $7. Using this support as base support, RNDR price develops a bullish reversal pattern called a double bottom in the daily charts. This reversal trend is commonly seen at local market dips, signaling renewed buying sentiment among market participants.
If the retest shows sustainability above the $9.75 support, buyers could cause a rally to $12, followed by $13.8.
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