InvestorCrypto.net - Bitcoin price surged past the $70,000 mark on Monday, marking an impressive 8% increase in just 24 hours.
This surge comes shortly after BTC made its way through lower levels around $60,500 on some exchanges.
This bullish movement also saw major altcoins like Ethereum (ETH), BNB, Solana (SOL), and XRP rallying, prompting investors to consider investing in these cryptocurrencies for potential 100X returns during the 2024 bull market.
As discussed earlier, traders may be looking towards smaller yet promising altcoins like WIF, GALA, and JUP to maximize their gains.
1. Solana (SOL)
Solana currently holds the position as the fifth-largest cryptocurrency with a market cap of $85.47 billion, showing its strong presence in the crypto world.
Recently, SOL has seen a significant increase in trading activity, with its trading volume spiking by 90% to reach $4.05 billion in the last 24 hours.
Despite experiencing some volatility and a slight decline of over 4% in the past week, SOL is showing signs of a potential comeback.
With its price approaching $200, it is consolidating its recent gains and investors are eagerly watching for a breakthrough at key resistance levels.
If the upward trend continues, SOL could soon reach the $210 mark, with the potential to climb even higher to $260, setting a new all-time high.
On the downside, any reversal in the trend could see SOL dropping to the $80 support level, with further pressure from sellers possibly pushing it down to $150.
2. Dogecoin (DOGE)
As the largest meme coin, Dogecoin holds a significant position in the world of cryptocurrencies with a market capitalization of $26.5 billion, ranking ninth among other tokens. Despite a 3% growth in DOGE's price on Monday, there has been a 6% drop in the 24-hour trading volume, indicating reduced interest among traders.
Other meme coins like Shiba Inu (SHIB) and dogwifhat (WIF) have also seen movements, with SHIB increasing by 6% and WIF by 18%.
Bonk, a Solana-based meme token, gained 9% to trade at $0.000025 at the time of writing. Investors in the meme coin segment are often attracted to the hype surrounding these tokens, leading to explosive price surges during bull runs.
The recent confirmation of a golden cross further supports the bullish outlook for Dogecoin, as the 20-day EMA crossed above the 50-day EMA.
This pattern encourages traders to consider taking more long positions in DOGE. The SuperTrend indicator on the four-hour chart suggests that the path of least resistance is upward, indicating that Dogecoin's price may continue to rise and potentially surpass $0.2 in upcoming trading sessions.
Overall, the recent bullish trends in both Bitcoin and altcoins like Solana and Dogecoin present exciting opportunities for investors looking to capitalise on the crypto market's potential for significant returns. It is essential for traders to conduct thorough research and analysis before making any investment decisions to maximise their chances of success in this dynamic and volatile market.
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