The cryptocurrency market has faced declines recently, and the declines of leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) impressed many investors. However, investors have turned to alternatives. These 5 altcoin projects are in the focus of investors! Here are the details…
While BTC was at the level of 26 thousand dollars, these altcoins entered the radar of investors!
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Solana, known as the Ethereum killer by many investors, has seen a huge increase in the number of new wallets in its network. This was a significant move as a large amount of liquidity flowed into the project, which could greatly positively impact the price. According to data from the on-chain data platform Intotheblock, the number of new addresses created has now exceeded 300,000.
However, SOL price has been hovering around $20 for a while, predicting a major drop in volatility. Despite the increase in the number of new addresses, the price maintains a stagnant trend. Therefore, it can be assumed that the price is accumulating strength to trigger a subtle rise that could break beyond the key $25 resistance in the coming days. It is instantaneously trading at $20.45 and has a market cap of $8 billion.
Litecoin (LTC)
Popular altcoin Litecoin (LTC) is showing tremendous strength as the trend approaches a crucial breaking point, and many investors have recently turned to LTC instead of BTC. With less than 80 days to go before the next halving, market sentiment regarding crypto has been extremely bullish. Therefore, with the successful execution of the halving event, the price is believed to trigger a significant bull run.
LTC price printed 4 consecutive bullish candles and moved beyond one of the key resistance levels at $90. Meanwhile, the bears are trying to restrain the uptrend, but after a little consolidation, the price is believed to rise subtly towards the next target of $100 very soon. Instantly, Litecoin (LTC) is trading at $91.66. Its market cap is at $6,687,118,244.
Phantom (FTM)
The Phantom (FTM) price has witnessed a 7% increase in price over the past three days as its holders continue to hold tight to their holdings. Over the past 30 days, Fantom’s active deposits have been running low on exchanges. Levels dropped 70% from 113 to 33 on a daily basis. Most of the supply was held by short-term holders and has now passed to mid-term holders.
On the other hand, after recovering from $0.35, FTM price is continuing a steep rise with an initial target of reaching $0.4. If the bulls can sustain the price at these levels, a significant bounce would be close to beyond $0.43 and then to $0.45. Instantly, FTM is trading at $0.3697.
Polygon (MATIC)
Polygon (MATIC), on the other hand, solidified its position as the leading blockchain in terms of sales, with a significant trading volume of $18.2 million and an impressive 26.9% lead in NFT sales. This success is a testament to the strategic decisions Polygon has taken recently. Because Polygon has become the preferred choice for many Web 2.0 projects aiming to launch NFT initiatives with a low entry price.
In addition, Polygon’s ecosystem has many games with NFT mechanics such as Planet IX, The Sandbox and Oath of Peak. While Polygon stands out as the most popular blockchain in 2023, it is seen that the popularity of MATIC increased from 23 percent in 2022 to 41 percent in the first quarter of 2023. Another reason for this is explained as partnerships with companies such as Nike, Reddit and Starbucks. DappRadar data also showed NFT sales could fall below $1 billion in May. According to the data, the transaction volume currently stands at $333 million out of 2.3 million sales. Instantly, MATIC is trading at $0.872.
Dogecoin (DOGE)
The last altcoin on the list, Dogecoin, has once again attracted attention, shattering previous transaction records, leaving BTC and Ethereum in its digital dust. Driven by a new groundbreaking mechanism that facilitates token issuance on the Dogecoin blockchain, the dog-themed cryptocurrency has seen its daily transaction volume increase more than tenfold. With 1,1264 million transactions reported on May 17, Dogecoin surpassed even the most prominent participants in the crypto arena such as Bitcoin and Ethereum. This activity showed increased confidence in the Dogecoin ecosystem and significantly impacted the market. Due to the prevalence of buying pressure, DOGE’s price jumped from the previous low of $0.07274 to a 7-day high of $0.07531.
Chaikin Money Flow (CMF) movement in negative territory at 0.06 indicates that the bullish momentum in DOGE is losing momentum and there is a downtrend on the horizon. However, the stochastic RSI fell below the signal line at 76.71, giving a bearish signal. This drop indicates that DOGE may experience a big drop soon. DOGE’s momentum is weakening and the 2.34 change rate indicates that the negative trend may continue. However, if the ROC continues its upward path, the positive momentum could re-emerge and perhaps result in a price gain for DOGE.
As a result, the meteoric rise in trading volume and price of Dogecoin highlights its growing influence. But technical indicators point to a potential downtrend ahead.
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