Altcoins
Should Buy Solana Based Altcoins as SOL Approaches $200
With Bitcoin heading towards $70,000, smart money is flowing into high-potential altcoins. Also, in the broader market recovery, Solana token price is gaining bullish momentum and is approaching $200. Amid the recovery rally, Solana-based altcoins are a buying opportunity to ride the reversal rally.
So let’s take a closer look at the Solana-based altcoins that we think are the best to buy.
Solana Price/Performance Ratio
With a 12% jump last week, SOL price is up 7.21% this week, breaking above the 61.80% retracement level. As the $125 bounce gains momentum, Solana is approaching the neckline of the rounded bottom at $250.
So, with the rounding reversal, Solana reveals a huge upside and teases a rally in Solana-based altcoins in the coming weeks and months. So, we have chosen three Solana-based altcoins that are a must-buy with high potential.
Solana-Based Altcoins to Buy: Parcl (PRCL)
With a reversal of the rounded bottom, POND price action tests the 23.60% Fibonacci level at $0.2920. However, with the crucial resistance acting as the neckline, the Solana-based token teases an inverted head and shoulders pattern.
With a potential breakout of 23.60%, Fibonacci levels tease an 85% upside to the psychological limit of $0.50. Hence, PRCL is one of the Solana-based altcoins to buy to ride a trend reversal rally.
Ben the dog (BENDOG)
Similar to Solana, BENDOG price action reveals a reversal of the rounded bottom on the daily chart. Based on Talking Ben, BENDOG token is poised for a bull run ahead of Solana approaching $200.
Currently, the Solana-based altcoin is trading at $0.02507 with an intraday growth of 8.53% and represents a 65% price jump in seven days. Optimistically, the breakout rally of the neckline can reach the 78.60% level at $0.052. The possible 126% upside move in the coming months makes BENDOG a Solana-based altcoin to buy.
Merlin (TINKER)
Despite a pullback phase, the ongoing recovery inside a bearish wedge promises massive upward movements in POND prices. With a 20% jump in the last ten days, the Merlin token is testing the aerial trend line of the falling wedge pattern.
Furthermore, with the double bottom reversal from the $0.015 baseline, the chances of a breakout are increasing. Based on the trend-based Fibonacci levels, POND price could reach the $0.060 mark or the 1.618 Fib level. Hence, the bull run ahead of the potential breakout puts Merlin in the list of Solana-based altcoins to buy.