Altcoins
Buy Solana-based altcoins as SOL nears $200
As Bitcoin heads towards $70,000, investors are looking at altcoins with high potential. Moreover, amid the general market recovery, the price of the Solana token is gaining momentum and is approaching $200. Amid the recovery, Solana-based altcoins represent a buying opportunity to take advantage of the trend reversal recovery.
So, let’s take a closer look at our top picks for Solana-based altcoins that you should definitely buy.
Solana Price Performance
With a 12% surge last week, SOL price is up 7.21% this week, breaking above the 61.80% retracement level. As the rebound from $125 gains momentum, Solana is approaching the lower rounded neckline at $250.
So, with the reversal of the rounding, Solana is revealing a massive upside and hints at a surge in Solana-based altcoins in the coming weeks and months. Therefore, we have selected three Solana-based altcoins that are must-buys with strong potential.
Solana-Based Altcoins You Should Buy: Parcl (PRCL)
With a reversal from the rounding bottom, POND price action is testing the 23.60% Fibonacci level at $0.2920. However, with the crucial resistance acting as a neckline, the Solana-based token is teasing an inverse head and shoulders pattern.
With a potential breakout of the 23.60% breakout, Fibonacci levels suggest an 85% upside to the psychological $0.50 mark. Therefore, PRCL is one of the Solana-based altcoins to definitely buy to take advantage of a trend reversal rally.
Ben the dog (BENDOG)
Similar to Solana, BENDOG price action reveals a rounded downside reversal in the daily chart. According to Talking Ben, the BENDOG token is primed for an upcoming bull run as Solana moves closer to $200.
Currently, the Solana-based altcoin is trading at $0.02507 with an intraday growth of 8.53% and represents a 65% price increase in seven days. Optimistically, the breakout rally from the neckline can reach the 78.60% level at $0.052. The possible 126% upside move in the coming months makes BENDOG a must-have Solana-based altcoin.
Merlin (pond)
Despite a pullback phase, the ongoing recovery within a descending wedge promises massive upward movements in POND prices. With a 20% jump in the last ten days, the Merlin token is testing the upper trendline of the descending wedge pattern.
Moreover, with the double bottom reversal from the $0.015 baseline, the chances of a breakout are increased. According to the trend-based Fibonacci levels, POND price could reach the $0.060 mark or the 1.618 Fibonacci level. Therefore, the upcoming bull run with the potential breakout puts Merlin on the list of Solana-based altcoins to must-buy.