Altcoins Ready to Rebound
After a period of decline, altcoins are showing signs of a potential comeback. The Solana ecosystem presents some promising candidates to lead the way.
$SOL’s Remarkable Recovery
Solana (SOL) experienced a significant resurgence in late 2022. Despite hitting a low of $8 in December, the $SOL token and the network managed to bounce back.
Throughout the year, $SOL remained relatively stagnant until it gained momentum in September.
Source: Trading View
Since then, $SOL has seen an impressive turnaround, surging by 260% and reaching a local high of $68 on November 16th. After two retracements to $51, forming a double bottom, $SOL appears poised to break free from the recent bearish trend in altcoins.
The price seems to have formed a higher low, hitting the golden pocket between the 0.618 and 0.786 fibonacci levels.
The Rise of Pyth Network
Pyth Network (PYTH), an oracle built on Solana blockchain, stands out with its 380+ data feeds across 40+ blockchains (compared to Chainlink’s availability on only 5 blockchains).
Source: Trading View
$PYTH experienced a healthy 30% correction from its local high at $0.55, touching the 0.618 fib at $0.38 before attempting a breakout from a bull flag pattern.
The flag’s target is near the price at which PYTH was launched on exchanges ($0.65). Given its strong fundamentals, it wouldn’t be surprising to see $PYTH reach and surpass this level.
The Battle of Meme Coins
$BONK is Solana’s equivalent of Ethereum’s $PEPE meme coin. As a newcomer, $BONK benefits from the hype surrounding meme coins.
Source: Trading View
Looking at the chart, $BONK has already broken out on the hourly timeframe. However, it’s worth noting that $BONK has already seen a surge of over 3000% since October 20th.
Meme coins are akin to gambling, and traders should exercise caution. Implementing risk management strategies, including stop losses, is crucial when trading meme coins.
Hot Take: Altcoins on the Rise in Solana Ecosystem
After a period of consolidation, altcoins in the Solana ecosystem are showing signs of revival. With $SOL leading the way with its impressive recovery and potential breakout, along with promising projects like Pyth Network ($PYTH) and the hype surrounding $BONK as a meme coin, Solana presents opportunities for investors and traders. However, it’s important to approach these investments with caution and implement risk management strategies to navigate the volatility of altcoin markets.
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