Solana surging, investors exploring these 5 altcoins
Solana (SOL) gained 6.24% in the last 24 hours, extending gains. Amid this, investors are exploring Lido DAO (LDO), Bitcoin ETF Token (BTCETF), Render (RNDR), Meme Kombat (MK), and Avalanche (AVAX) as the market recovers.
Solana nears $60
Solana has surged by 350% in the past year. However, recent market turbulence triggered a notable pullback. Despite this, Solana currently stands at $58.1, showing signs of strength.
The recent retracement led to a retest of higher lows, followed by a bullish engulfing candle, a bullish formation continuing with SOL’s firmness.
It’s prudent to consider the possibility of a pullback and a cooling-off period before another upward movement.
Two factors hint at this potential scenario.
Firstly, the trading volume is dropping, signaling market uncertainty and a lack of interest at the current price.
Secondly, Solana has yet to retest $40, a former resistance-now-support, which is structurally and physiologically crucial.
According to analyst AlanSantana, Solana could retrace to lows of $32 before starting another upward rally.
TradingView analyst R3ncso predicts a retracement to the $40 level as Solana forms a head and shoulders pattern.
5 altcoins to consider
Now, let’s take a look at five other altcoins that investors can explore:
Lido DAO
Lido DAO enables Ethereum staking by allowing users to delegate ETH to a network validator and earn a yield.
They introduced liquid staking after an Ethereum upgrade, providing users with a synthetic “liquid” version of their ETH for more yield.
LDO is a governance token that allows holders to vote on decisions like board adjustments, integrations, and platform updates.
With a total value locked (TVL) of $19 billion, Lido DAO is crucial for validators, developers, and other Ethereum stakeholders.
In the last 24 hours, LDO is up 11%, a 45% increase in November, and 118% in 2023.
Despite this, LDO is still 76% down from its all-time high.
Bitcoin ETF Token
Bitcoin ETF Token capitalizes on the excitement surrounding Bitcoin ETF approvals.
The project has raised $1.3 million in its presale.
BTCETF, its native token, has three core mechanisms: staking, burning, and news.
Staking offers a 180% APY. However, the rate will decrease as the staking pool grows.
The project plans to burn 25% of its total supply across five key Bitcoin ETF milestones to create a sense of scarcity.
Additionally, the news feature aggregates real-time Bitcoin ETF announcements and events to foster an active and engaged community.
In the presale stage, BTCETF is trading for $0.0056.
Render
AI and cryptocurrency have both grown rapidly in the past year.
However, there have been concerns about ethical and security issues related to the centralization and control of proprietary technology, particularly after OpenAI’s ChatGPT caused a stir in 2022.
To address these concerns, some in crypto explore combining AI software with blockchain and distributed GPU hardware.
Render leverages a decentralized network of GPU miners to render artwork and graphics at a fraction of the cost and increased speed compared to centralized GPU cloud computing. It aims to improve the efficiency, power, and scalability of GPU cloud rendering.
RNDR, Render’s token, is up 67% this month and 673% this year.
Meme Kombat
Meme Kombat combines meme coins with crypto gambling.
Through MK, their native token, users can bet on AI-generated battles between popular meme coin characters.
Additionally, the project offers a staking mechanism with a 480% APY. It includes multiple game modes, side betting, and new seasons featuring different characters and rewards.
The team behind Meme Kombat is public, and its smart contract has been audited by blockchain security firm Coinsult.
Analysts remain bullish on MK.
Avalanche
Avalanche offers scalability and low fees compared to Ethereum. It has also partnered with major players in the finance industry, such as JP Morgan and Citi, to explore tokenized portfolio management and foreign exchange solutions.
Avalanche has live blockchain projects in the gaming sector. Some experts believe gaming could be the driving force that brings crypto to the masses.
AVAX is down 85% from its all-time high. However, when writing, AVAX is up 5.6% in the last 24 hours and 104% this month.
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