Altcoins
Top 3 Altcoins to Invest in July 2024
The cryptocurrency market is showing signs of recovery and some altcoins are making significant strides. This July, Solana (SOL), Ripple (XRP)AND Cardan (ADA) are emerging as strong contenders. With their solid fundamentals and innovative upgrades, these altcoins are poised for significant growth. But to learn more, dive into why these three altcoins should be on your investment radar this month.
1- Solana (SOL): institutional support and technical impetus
Solana (SOL) has captured the interest of investors due to its solid performance and growing institutional support. Cypherpunk Holdings has significantly increased its stake in Solanawhich holds over 63,000 tokens worth nearly $14 million. This indicates high confidence in Solana’s future potential.
In the last two days, Solana price increased by 13%supported by bullish indicators from RSI and MACD. Market volume increased by 32.45%, reflecting renewed investor interest. Analysts forecast a near-term price target of $180, driven by expectations of a Solana ETF and increased USDC issuance by Circle. However, maintaining network stability remains a challenge amidst elevated market expectations.
2- Ripple (XRP): Legal Battles and Market Sentiment
Ripple (XRP) has surged 48% in two days, driven by positive developments in its ongoing legal battle and strong market sentiment. A recent legal victory confirming XRP as a non-security has boosted investor confidence.
Exchange rate risk is currently trading at levels not seen since April, with technical indicators such as the MACD suggesting further upside momentum. Analysts believe that XRP could surpass $1 if it breaks the $0.65 resistance, as large holders now control 85% of the total supply. However, ongoing legal uncertainties and market volatility call for caution despite the bullish trends.
3- Cardano (ADA): Strategic Updates and DeFi Growth
Cardano (ADA) Gears Up for Major Upgrade with the Chang hard fork, which aims to improve network capabilities and introduce on-chain governance via the Cardano v9.0 node. Successful implementation requires upgrading 70% of stake pool operators and 85% of exchange liquidity.
Cardano has seen a 40% price increase in ten days, reaching $0.44 by July 16 after a brief dip to $0.32. This surge is fueled by favorable macroeconomic conditions, excitement around Ethereum ETFs, and growth in Cardano’s DeFi sector, with the total value locked above 682 million ADA. Technical indicators, including a positive accumulation/distribution line (ADL) and bullish signals from Parabolic SAR and RSI, suggest further gains. A breakout of the $0.45 resistance could push Cardano towards $0.50 and potentially $0.55, subject to sustained ecosystem development and market sentiment.
As the cryptocurrency market rebounds, Solana (SOL), Ripple (Ripple)AND Cardan (ADA) stand out for their strong fundamentals and growth potential. Investors should consider these altcoins as they navigate the market recovery this July.