SOL, the native cryptocurrency of the Solana ecosystem, witnessed a fresh correction wave amid the recent market sell-off. The bearish momentum spread to Solana Altcoins like Pyth Network (PYTH), Jupiter (JUP), and Dogwifhat (WIF) could offer a dip opportunity to sidelined buyers before the next leap.
Solana Altcoins to Rebound as Ecosystem Expands with $5.01 Billion TVL
Despite August market uncertainty, the Total volume locked in Solana jumped from $3.8 Billion to $5.01 Billion, registering a 31% growth. This increasing TVL suggests more capital is being committed to its decentralized applications (dApps), indicating growing user adoption. If the market rebounds, investing in Solana altcoins such as PYTH, JUP, and WIF could be a strategic move to capitalize on SOL’s expanding ecosystem.
Dogwifhat (WIF)
Solana-based meme coin Dogwifhat has showcased a steady correction trend in the past five months amid wedge pattern formation. The WIF price activity resonating within the pattern’s two converging trendlines has plunged from $4.86 to $1.5— a 67% decrease, while the market cap fell to $1.58 Billion.
However, the increasing whale accumulation as the price approaches the wedge pattern apex hints at a potential reversal. With sustained buying, the Dogwifhat could rally 22% before a major breakout from the overhead trendline.
Jupiter (JUP)
Among Solana Altcoins, the Jupiter coin price better resembles the SOL price consolidation of the past five months. Currently, the JUP price trades at $0.79 and holds a market cap of $1.078 Billion. If market correction prolongs, the sellers could drive an 11.5% fall to retest the seven months’ support of the ascending trendline.
Defying the broader market correction, the total value locked (TVL) in Jupiter spiked dramatically in August, reaching a peak of $1.125 billion, according to Defilama data. This increase suggests growing confidence and increased usage of Jupiter’s platform.
Pyth Network (PYTH)
According to the recent press release, the Pyth Network has integrated its price feed infrastructure into Sony Group’s newly announced Soneium blockchain, becoming the first oracle provider for this network.
Amid the report, the PYTH managed to stall market selling pressure and stabilize above $0.26 support. However, the future market shows a better bullish outlook, as the PYTH Funding rate is 0.0064%, according to Coinglass data. The positive value indicates the traders are ready to premium to hold a long position in this asset in anticipation of upcoming recovery.
Conclusion
These three Solana-based altcoins offer a mix of innovative technology, strong community support, and growth potential. As the broader market trend remains, investing in PYTH, JUP, and WIF could offer a suitable dip opportunity to accumulate them at a discount.
Frequently Asked Questions (FAQs)
With Solana’s TVL increasing by 31% to $5.01 billion, these altcoins are poised for growth, making them strategic investments as the ecosystem expands.
Despite market corrections, Jupiter’s TVL spiked to $1.125 billion in August, reflecting strong platform usage.
Dogwifhat (WIF) shows signs of a potential bullish reversal due to increasing whale accumulation as the price approaches the apex of a wedge pattern.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: 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.
Source: https://coingape.com/markets/3-no-brainer-solana-altcoins-to-turn-500-into-5000/
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