Bitcoin
3 Upcoming Cryptocurrencies to Buy Before Bitcoin Takes Them Higher
Source: Maxx-Studio/Shutterstock.com
Bitcoin’s performance tends to dictate the best cryptocurrencies to buy. This has been the case throughout the life of the crypto market. Even near-dead coins are resurrected when BTC rises. We have also seen strong currencies reach near zero as BTC market sentiment falls.
As long as BTC remains the largest cryptocurrency in the world, it will continue to drag other cryptocurrencies.
The good news is that BTC has been very positive lately. This once again sparked other cryptocurrencies. This doesn’t mean you can invest in any crypto project and let BTC do all the heavy lifting. There are better cryptocurrencies to buy than others.
Selecting future winners to ride the upward wave with BTC involves:
- Identifying real-world adoption and utility
- Looking at your funding and successes so far
- Future releases, developments and announcements – preferably those marked on a calendar!
Fantom (FTM-USD)
Source: shutterstock.com/ARTEMENKO VALENTYN
Ghost (FTM-USD) is a layer 1 blockchain provider and rival to Ethereum (ETH-USD). According to their websiteHundreds of decentralized applications use Fantom for their services, including DeFi, NFT, and GameFi dApps.
FTM soared on news about Sonic – Fantom’s upcoming “sister” network – providing 180 million daily transaction capacity. This news coincided with FTM outperforming all other top 100 altcoins that week.
The Sonic FoundationThe development of was supported by the purchase of a first round of financing of US$10 million, led by Korean crypto fund Hash.
FTM appears to be holding long-term support at $0.80 as it consolidates the recent rise. An entry with a small stop loss can be a good position. An upward break could see FTM rise to $2.
Whatever the technicals, the solid fundamentals are something to watch out for. Pay attention to how FTM performs in the weeks and months after Sonic launches. The launch is scheduled for late summer.
Chainlink (LINK-USD)
Source: Stanslavs/Shutterstock.com
Chain link (LINK-USD) is a decentralized framework that connects off-chain data to smart contracts. This is done through “oracles” or “middleware”.
These decentralized Oracle networks (DONs) enable price feeds, proof of reserve, and web API connections.
LINK got a big boost following the results of recent partnerships with DTCC were released. Large traditional financial institutions (TradFi) also partnered with the LINK blockchain protocol, giving legitimacy in the eyes of speculators.
LINK is currently forming a head and shoulders pattern on the technical charts. But encouragingly, a break of support at $13 was fully rejected, giving bullish signs. If it can retest significant resistance around $20, it could turn into a full upside breakout.
For now, though, this should be treated as a long-term game. Bitcoin and broader crypto market sentiments will have the biggest influence in determining which path LINK will take. It is one of the most promising cryptocurrencies to buy if the markets have their way.
Solana (SOL-USD)
Source: Rcc_Btn/Shutterstock.com
Solana (SOL-USD) was an unusually hot crypto. It is a versatile blockchain that supports DeFi and NFT markets.
SOL was encouraged by news of an update designed to resolve Solana’s suggestion issues once after years of problems.
Solana Ghost wallet also has appeared in several application stores, including Apple’s. This means more user downloads. More users are joining the network.
What is encouraging is how SOL is forming a cap and handle formation very similar to many other cryptocurrencies in recent weeks. This appears to be a breakout pattern for SOL and the broader crypto market.
As always, watch what the broader crypto market does. Mainly Bitcoin. Bitcoin’s performance will likely drag the rest of the crypto market with it. At least that’s how the crypto market has behaved over the last decade and more.
If the breakout occurs, SOL’s target could reach $350. This is more than double the current price at the time of this writing. Of all the altcoins, SOL is one of the safest cryptocurrencies to buy. Therefore, as popular as SOL is becoming, it will “graduate” to altcoin status.
As of the date of publication, Sam Farnham did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Publishing Guidelines.
Since 2012, Sam has been helping investors, traders and wealth hunters with his technical and fundamental analysis of financial markets and has developed six trading systems during that time. He is always looking for more financial opportunities to share with readers.