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.
Author: Guest Post
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
