Institutional investors have an undying love for Solana, a crypto token proposed as a worthy Ethereum challenger due to its effluence blockchain supporting a cheaper yet higher transaction throughout. In the last year alone, SOL rallied 600% to $147, showing resilience and the ability to recover every time it plunges. While SOL stands out as a potential altcoin for maximum profit in 2024, investors might also want to consider 3 Solana rivals likely to achieve a 100x bull run.

1. Solana Rivals: Ethereum (ETH)

Diversifying the altcoins to buy portfolio requires careful planning. As the largest altcoin with a market value of $358 billion and changing at $2,987, Ethereum earns a place in this portfolio.

ETHUSD price chart

The transition from a proof of work (PoW) consensus mechanism to a proof of stake (PoS) continues to open the Ethereum network to new opportunities. Investors can now stake ETH to participate in validating transactions and keep the network secure. By doing so, they earn rewards in the same coin, thus increasing their holdings.

The emergence of liquid staking protocols like Lido DAO allows stakers access to liquidity.

Ethereum currently sits 38% below its all-time high of $4,878, CoinGecko data shows. As the second largest crypto, 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, rallying from a critical support level at $0.105 and the 38.2% Fibonacci retracement level. This bullish shift drove the asset’s value up by 18%, pushing it to test the resistance at $0.123.

TRXUSD price chart

This resistance level has held firm for the past seven weeks, resulting in a sideways trading pattern for the near-term TRX. However, daily analysis indicates that this recent recovery has formed an inverted head and shoulders pattern.

This pattern development often signals a change in market dynamics and allows buyers to lead higher rallies.

Moreover, 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 rise in daily active addresses on the network, with May 6th alone seeing 3 million active addresses participating in transactions.

The TRX price currently trades at $0.122 and a breakout above the neckline resistance of $0.123 will intensify the recovery momentum. if the pattern holds true, the buyers should drive a rally to $0.133, followed by $0.144.

3. Render (RNDR)

This altcoin rebounded from combined support of $0.7 and a 50% retracement level propelled the asset value by 55% to hit a high of $10.85. A closer examination of the daily chart reveals the upswing as a double-bottom pattern, suggesting the possibility of further upward movement in the near future.

RNDRUSD price chart

Amid the recent correction, the Render price discovered solid support at the $7 mark. Utilizing this support as base support, the RNDR price develops a bullish reversal pattern called a double bottom in daily charts. This reversal pattern is commonly observed in local market bottoms signaling renewed buying sentiment among market participants.

If the retest showcases its sustainability above breach $9.75 support, the buyers could drive a rally to $12, followed by $13.8.

The post 3 Solana Rivals Worth Buying In May Eyeing 100x Returns In 2024 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am