Altcoins
Top Solana-based altcoins saw 2x surge this week
As the Solana ecosystem experiences explosive growth amidst the cryptocurrency rally, Solana-based altcoins are quick to jump. As SOL price approaches the $200 level for a potential breakout, these altcoins could find additional momentum for a 2x rally this week.
For a strong and bullish end to July, here are the top Solana-based altcoin picks for a massive run this week. So, let’s take a closer look at their price charts for a deeper understanding.
Solana-Based Altcoins to Watch: Jupiter (JUP)
With a market cap of $1.39 billion, the JUP token price is showing a bullish rally, gaining momentum as the broader market recovers. In the daily logarithmic price chart, the Solana-based altcoin is showing a double-bottom reversal from the $0.68797 support level.
With the breakout of the neckline at $0.88, JUP price action is ending the correction phase with a descending channel pattern. Moreover, the altcoin is up 56% in the last two weeks, but the recent intraday decline of 5.41% is testing the psychological mark of $1.
If the bullish momentum continues with a reversal after the retest, Jupiter token price could reach the 50% Fibonacci level at $1.32. On the upside, $2 and $2.75 are potential upside targets for JUP token.
Raydium (RAY)
Trading at $2.39, the 10.86% intraday decline undermines Sunday’s 10.47% bullish engulfing candle. With a market cap of $630 million, the Solana-based altcoin is testing the 50% Fibonacci level at $2.38.
Over the past two weeks, RAY price recovery is recording a 72% surge for a breakout of the consolidation zone. Despite the 85% reduction from the all-time high of $16.93, the altcoin is preparing for a strong close this month.
As the intraday drop is a retest, the continuation of the RAY price uptrend could reach the $4.11 mark.
Pyth Network (PYTH)
With a market cap of $1.29 billion, PYTH price action is showing a breakout from the descending channel as the rally gains momentum from $0.27. Moreover, the altcoin has surged 35% in two weeks to challenge the 23.60% Fibonacci level at $0.3772.
`
Moreover, in the daily price chart, the Solana-based altcoin is showing a channel breakout rally ready to reach $0.54. In optimism, the upside could reach $0.81.