John Isige
Solana eased off its spectacular Q4 rally topping out at $125 in December from approximately $20. This competitive Ethereum rival weathered the FTX storm, rising from lows of $8 in 2022 to set record growth in less than three months in 2023.
However, as SOL struggles to hold above $100 in the wake of a network outage, investors could be looking for ways to diversify their portfolios to make the most out of the bull run anticipated in 2024.
Although there are countless options at their disposal, investors may want to consider solid projects that have been in the market long enough. Altcoin majors XRP, Shiba Inu (SHIB), and Dogecoin (DOGE) quickly emerged as key Solana rivals that could see an increase of up to 10X.
1. XRP
XRP price suffered a huge 30% plunge from its Q4 high of $0.7, but it seems to be turning the corner. Investors were nervous when XRP fell below $0.5, a crucial support level. It looked like it could crash any moment bringing lower levels such as $0.38 within reach.
Now that XRP has bounced back above $0.5, it has a chance to recover and aim for $1 over the remaining weeks in February.
An 11% bump in the 24-hour trading volume, according to CoinMarketCap data, signals rising interest among traders and speculators. The bullish outlook on Thursday mirrors a 2.38% increase in the market cap to $28 billion.
According to the Money Flow Index (MFI), positive volumes could help keep XRP buoyant above $0.5 in case resistance at $0.52 does not budge. A sustained break above $0.54 and the trend line resistance as shown on the chart could signal the uptick to $1 and beyond.
2. Dogecoin (DOGE)
Throughout the previous week, Dogecoin price has hovered under a significant trend line, fluctuating between $0.07800 and $0.0800. This period has seen a constant battle between buyers and sellers, with neither side establishing clear dominance. Nonetheless, market analysts are maintaining a hopeful outlook.
Dogecoin’s trading volume, which has reached a notable $266 million, demonstrates a rising interest from investors. Positioned within the top 10 cryptocurrencies, the leading meme coin boasts a market capitalization of $11.5 billion.
The prevailing conditions suggest that maintaining a price above the $0.095 resistance level could catapult Dogecoin to the $0.1 resistance and potentially onward to the crucial $0.3 threshold. Should this upward trajectory continue, we might see Dogecoin’s value soar toward the $0.5 milestone, reflecting confidence in its ability to navigate through and above critical resistance points, thus sustaining its market momentum.
3. Shiba Inu (SHIB)
The second-largest meme coin, Shiba Inu, strengthened its bullish outlook on Thursday, ascending in tandem with other cryptos. Up 2.4% in the last 24 hours, SHIB trades at $0.0000092 backed by $159 million in trading volume and posting $.4 billion in market cap as the 19th largest crypto.
Key bull market indicators support the positive sentiment in the market, as Shiba Inu is expected to start its recovery phase above $0.00001.
During the previous bull run, Shiba Inu turned ordinary investors into millionaires. This may explain the growing interest in the project among people looking to grow their portfolios exponentially. The token burn program is a factor to consider when buying SHIB. Remember as supply shrinks, a larger rally will likely explode to $1 due to supply and demand dynamics.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
