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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jul 18, 2024 11:12 UTC
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Must Buy Solana-based Altcoins As SOL Nears $200
With Bitcoin heading towards $70K, the smart money flows to high-potential altcoins. Further, in the broader market recovery, the Solana token price is gaining bullish momentum and nears $200. Amid the recovery rally, the Solana-based altcoins represent a buying opportunity to ride the trend reversal rally.
So, let’s have a closer look at our top picks of must-buy Solana-based altcoins.
Solana Price Performance
With a 12% jump last week, the SOL price is up by 7.21% this week, surpassing the 61.80% retracement level. As the bounce back from $125 gains momentum, Solana approaches the rounding bottom neckline at $250.
Hence, with the rounding reversal, Solana reveals a massive upside and teases a surge in Solana-based altcoins in the coming weeks and months. Hence, we have picked three must buy Solana-based altcoins with high potential.
Must Buy Solana-based Altcoins: Parcl (PRCL)
With a rounding bottom reversal, the 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 shoulder pattern.
With a potential breakout of the 23.60% breakout, the Fibonacci levels tease an upside of 85% to the $0.50 psychological mark. Hence, the PRCL is one of the must buy Solana-based altcoins to buy to ride a trend reversal rally.
Ben The Dog (BENDOG)
Similar to Solana, the BENDOG price action reveals a rounding bottom reversal in the daily chart. Based on Talking Ben, the BENDOG token is ready for a bull run ahead as Solana nears $200.
Currently, the Solana-based altcoin trades at $0.02507 with an intraday growth of 8.53% and accounts for a 65% price jump in seven days. Optimistically, the neckline breakout rally can reach the 78.60% level at $0.052. The 126% upside movement possible in the coming months makes BENDOG a must buy Solana-based altcoin.
Merlin (POND)
Despite a pullback phase, the ongoing recovery within a bearish wedge promises massive upside moves in the POND prices. With a 20% jump in the last ten days, the Merlin token tests the overhead trendline of the falling wedge pattern.
Further, with the double bottom reversal from the $0.015 baseline, the breakout chances are increased. As per the trend-based Fibonacci levels, the POND price could hit the $0.060 mark or the 1.618 Fib level. Hence, the bull run ahead with the potential breakout puts Merlin on the must buy Solana-based altcoins list.
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