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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 22, 2024 07:24 UTC
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Top Solana-based Altcoins For 2x Rally This Week
With the Solana ecosystem growing at an explosive rate in the crypto bull run, the altcoins based on Solana are quick to jump. As the SOL price approaches the $200 level for a potential breakout run, these altcoins could find additional momentum for a 2x rally this week.
For a strong, bullish ending to July, here are the top choices of Solana-based altcoins for a massive run this week. So, let’s look closer at their price charts for a deeper understanding.
Solana-Based Altcoins To Watch Out: Jupiter (JUP)
With a market cap of $1.39 Billion, the JUP token price shows a bullish breakout rally, gaining momentum as the broader market recovers. In the daily logarithmic price chart, the Solana-based Altcoin shows a double bottom reversal from the $0.68797 support level.
With the neckline breakout at $0.88, the JUP price action ends the correction phase with a falling channel pattern. Furthermore, the altcoin is up by 56% in the last two weeks, but the recent 5.41% intraday drop tests the $1 psychological mark.
If the bullish momentum continues with a post-retest reversal, the Jupiter token price could hit the 50% Fib level at $1.32. On the upside, $2 and $2.75 are potential upside targets for the JUP token.
Raydium (RAY)
Trading at $2.39, the 10.86% intraday drop undermines the 10.47% bullish engulfing candle on Sunday. With a market cap of $630M, the Solana-based altcoin tests the 50% Fibonacci level at $2.38.
In the last two weeks, the RAY price recovery registers a 72% surge for a consolidation range breakout. Despite the 85% discount from the all-time high at $16.93, the altcoin prepares for a strong closing this month.
As the intraday fall comes as a retest, the uptrend continuation in RAY prices could hit the $4.11 mark.
Pyth Network (PYTH)
With a market cap of $1.29 Billion, the PYTH price trend shows a falling channel breakout rally as the recovery gains momentum from $0.27. Further, the altcoin has surged by 35% in two weeks to challenge the 23.60% Fib level at $0.3772.
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Further, in the daily log price chart, the Solana-based altcoin shows a channel breakout rally ready to hit $0.54. Optimistically, the bull run could reach $0.81.
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