Investors continue to rebalance their portfolios, with some targeting crypto to sell in May, especially after the bleeding witnessed this week. Bitcoin extended the correction to $56,500 on Wednesday amid the FOMC meeting, which left interest rates unchanged. With inflation stubbornly rising in the US and across major economies, a narrow focus to crypto investing could ensure profitable portfolios in the long run.

Coins Topping The Crypto To Sell List In May

Bitcoin rallied to a new historical high of $73,837 in March, bolstered by exposure to new Bitcoin ETFs. Although altcoins generally rallied in tandem, with some achieving record levels, experts believe the altcoin season is yet to come.

The other key factor to consider is Bitcoin halving, whose third cycle occurred on April 20. As extensively discussed by CoinGape analysts, the halving’s impact on BTC price and the crypto market would be immense.

However, due to the gradual potential reduction in supply and the subsequent increase in demand, a parabolic rally would grace the market mirroring the bull runs of 2017 and 2021.

As has been the norm, an increase in Bitcoin price causes a positive correlation to altcoin prices. Therefore, if an investor identifies the right altcoins to include in their portfolio, they could reap immense gains during the bull market.

That said, some of the crypto to sell from the portfolio in May are Shiba Inu (SHIB), Solana (SOL), and Ordinals. Various factors have been considered to come up with this list. However, it is essential to do your own research (DYOR) before taking any steps.

Also consider the altcoins to buy lists, which have been curated to benefit crypto portfolios in 2024.

1. Shiba Inu (SHIB)

Over the past week, SHIB, the second leading meme coin currency has shown little movement, aligning with a broader downturn in the market. This phase of stagnation is crucial for the cryptocurrency as it generally encourages accumulation among investors. Overall, the market has seen a 9% drop, leading to significant losses for many digital currencies.

The meme coin Shiba Inu is currently facing a pivotal resistance level at $0.00002315. Breaking through this barrier could see its value rise to $0.000025. Such a move might set the stage for reaching the $0.0001 threshold.

Shiba Inu Coin Price chart

However, a downturn could push its price down to a support level of $0.000022. Should market sentiment turn negative, SHIB could fall further to $0.00002. Increased bearish momentum may confirm a downward trend.

The daily technical analysis shows a promising outlook for Shiba Inu, with its price on a recovery path. The Relative Strength Index (RSI) is at a balanced 42.

2. Solana (SOL)

SOL hovered at $136 during US business hours, contributing to the generally bullish outlook of the crypto market. The cumulative valuation stands at $2.31 trillion, up by 1.4% in the same period, according to data from CoinGecko.

Bitcoin price also moved up after testing support at $56,500, as discussed in the special edition of the top 3 price prediction. The largest crypto could shape the market for more gains and reverse the bearish trend in April by reclaiming support above $60,000.

Bitcoin dodders at $58,500 at the time of writing after increasing by a modest 2% in the last 24 hours. Ethereum, the second-largest crypto is also in the green but holding below support/resistance at $3,000.

SOLUSD price chart

During the run-up in Q1, ignited by positive sentiment due to the launch of Bitcoin ETFs in the US, the fifth-largest cryptocurrency peaked at $209. In the previous bull market in 2021, Solana reached historical highs of $260.

In the short term, traders will look out for higher support, preferably above the 50-day Exponential Moving Average (the line in red overlaying the chart) at $136.8.

A decrease in Total Value Locked (TVL) volume often indicates a long-term negative impact on the token. It’s important to remember that holders of SOL lock their tokens in smart contracts to participate in network security and earn additional coins.

3. ORDI

The Ordi platform has recently gained attention due to its innovative use of the Ordinals protocol, which embeds data directly into Bitcoin’s smallest denomination, the satoshi. By tapping into the vast pool of 2,100 trillion satoshis, Ordi enables significant data storage capabilities on the Bitcoin blockchain itself without the need for an additional token or altering the fundamental structure of the blockchain.

ORDIUSD monthly price chart

ORDI has faced intense headwinds in the last two months from highs close to $90 and settling at $30 this week. Should the price fail to turn around, selling pressure may increase as investors focus on crypto to sell, circulating funds into other altcoins and Bitcoin.

The post 3 Trending Crypto To Sell This May appeared first on CoinGape.

---

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