5 Altcoins That Made October Frighteningly Profitable
October was a bullish month for the cryptocurrency market, with Bitcoin and several other cryptocurrencies reaching new yearly highs. In this article, we will look at five altcoins that experienced significant price increases in October.
- Polymesh (POLYX): POLYX saw a price increase of 205.13% in October, reaching an all-time high of $0.43.
- Tellor (TRB): TRB experienced a price increase of 95.60%, reaching a new yearly high of $125.
- Solana (SOL): SOL’s price increased by 79.61% in October, reaching a new yearly high of $37.
- Injective (INJ): INJ saw a price increase of 71.45% in October, reaching a new yearly high of $14.50.
- MINA: MINA’s price increased by 62.92% in October, reaching a high of $0.98.
POLYX Price Leads October Altcoin Gainers
POLYX experienced a rapid increase in price since October 13, reaching an all-time high of $0.43 on October 30. This upward movement broke through the $0.29 horizontal resistance area that had been in place since April.
If POLYX continues to break out above its current level, it has the potential to increase by 75% to the next resistance level at $0.66.
TRB Reaches Yearly High
TRB’s price has been steadily increasing since September, reaching a new yearly high of $125. The price is currently trading above the 0.618 Fib retracement level, which will determine the future trend.
A successful close above this level could lead to a 50% increase to the next resistance at $165. However, a rejection and breakdown from the support line could result in a 40% drop to the closest support at $66.
Solana Resumes Rapid Ascent
SOL’s price has been on an upward trend since the beginning of the year, breaking out from the $28 horizontal area in September. It reached a new yearly high of $37.
If SOL continues to climb, it has the potential to increase by another 46% and reach the next resistance at $47. However, failure to sustain this increase could lead to a 25% drop back to the $28 support area.
Injective Increases by 50% in One Week
INJ saw a significant price increase of 50% in just one week, reaching a new yearly high of $14.50. It is currently trading within a horizontal resistance area.
If INJ breaks out from this resistance level, it could double in price and reach its all-time high of $27. However, a rejection from the resistance area may result in a 35% drop back to the $9 support area.
MINA Concludes October Altcoin Gainers
MINA experienced a swift increase in price since October 11, reaching a high of $0.98. However, it fell below the $0.88 horizontal resistance area and is currently trading just above the $0.58 support area.
A bounce from this support area could lead to a 40% increase to the next resistance at $0.88. On the other hand, a breakdown could result in a 40% drop to $0.37.
Hot Take: Altcoins Shine in October
October was a profitable month for altcoins, with several cryptocurrencies experiencing significant price increases. POLYX, TRB, SOL, INJ, and MINA all saw impressive gains throughout the month. However, it’s important to note that these price increases are not guaranteed to continue indefinitely.
Investors should always do their own research and consider market conditions before making any investment decisions. While October was a bullish month for altcoins, future trends can be unpredictable. It’s crucial to stay informed and make educated choices when investing in cryptocurrencies.
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