Investing in crypto is often out of reach for many investors, especially those transiting from the traditional financial industry. The volatility associated with digital assets like Bitcoin (BTC) and Ethereum (ETH) often scares even the most experienced investors. However, once a system has been tried and tested with a crypto portfolio featuring top altcoins to hold, the process often becomes easier, presenting opportunities to dollar cost average (DCA) for 100x potential in tokens like Solana (SOL) and Ethena (ENA).

Why Should You Be Investing In Top Altcoins To Hold In 2024

2024 is the year of Bitcoin halving — which is expected to occur around April 17. The event is pre-programmed to trigger every four years, reducing the number of new Bitcoins joining the circulating supply by half.

As miners secure the network and process blocks of transactions, they are rewarded with new Bitcoins. Currently, they earn 6.25 BTC for every block but after the halving in April, this figure will go down to 3.125.

Halving was adopted to control inflation for the asset with a maximum supply of 21 million. Past halvings have shown that as supply crunches and demand increases, Bitcoin price builds momentum and rallies exponentially.

Altcoins also tend to move in conjunction with Bitcoin, hence the need for investors to diversify portfolios with top altcoins to hold like Solana (SOL) and Ethena (ENA).

1. Solana (SOL)

Solana has witnessed a modest increase in trading volume as prices dropped earlier today, underpinning growing interest among traders. Intriguingly, the market cap remained buoyed rising subtly to $75 billion based on CoinMarketCap data.

Solana’s immediate support at $160 has been tested several times in the last few weeks, implying that chances of a recovery are high. A forming four-hour candle on the chart could further validate the impending recovery.

Although the Relative Strength Index (RSI) is not oversold, holding at 35 means that traders could consider seeking exposure to short-term long positions, thus accentuating the recovery.

SOL price chart | Tradingview

Several four-hour candle closes above the 200-day EMA (purple) resistance would reinforce the bullish grip. The RSI’s recovery in the neutral area toward the overbought region above 70 is another signal to look forward to.

Profit-taking could begin at the $185 resistance level for traders but the most ambitious investors may want to see SOL price rally above the $200 mark. Movement above this level may ignite FOMO which may increase momentum to a new all-time high past $260.

2. Ethena (ENA)

Ethena (ENA) is a crypto project developed by Ethena Labs, focusing on creating a synthetic dollar protocol, USDe, on the Ethereum blockchain. The project aims to provide a stable, scalable alternative to traditional money without relying on traditional banking systems.

An analysis of the 4-hour chart shows the rising ENA price strictly resonating between the two converging trendlines of the wedge pattern. This chart setup is commonly referred to as a sign of an uptrend reaching maturity as a narrowing range indicates a weakening of bullish momentum.

By the press time, the Ethena coin trades at $1.4 and holds a market cap of $1.997 Billion. If the wedge pattern holds true, the ENA price will breach the lower trendline at $1.3. A successful breakdown coupled with a broader market sell-off could plunge the asset to a low of $0.86.

Ethena price chart | CoinGecko

The bearish thesis will be invalidated if the ENA price breaks the overhead trendline, providing buyers with suitable support to reach new heights.

The post 2 Top Altcoins To Hold Targeting 100X Potential In April appeared first on CoinGape.

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