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DeFi tokens kicked into a bullish trend after the Uniswap token, UNI, recorded a substantial price increase. Several assets in the sector that have maintained a sideways trend for most of the quarter are now recording massive growth.
Interestingly, there are signals highlighting some of these overlooked tokens as some of the next cryptos to explode. Synthetix, Aave, and Lido DAO rank high on the list of the top performers in the sector. Everything investors should know about these assets and their prospects is shared below.
Next Cryptocurrency To Explode
Conversely, the Crypto AI sector has seen a surge in new projects as investors bet their funds on the future of Artificial intelligence. However, the growing interest also comes with growing concerns over the security of the platforms. Thus, innovators and developers are working to craft sustainable solutions to the challenge. Scotty the AI proposes a unique solution to Crypto AI security issues, and the article offers a quick overview of its ongoing presale offering.
1. Uniswap (UNI)
Uniswap native cryptocurrency, UNI, has been on a massive price rally for the past 48 hours, and the asset has recorded price gains of over 75% in the period. The price action has pushed the price of UNI from $7.1 to $12.45.
Will UNI become the next cryptocurrency to explode? Uniswap just tested its 2-year-high at $12.6. A breakout above the resistance at this level would launch the price as high as $15. Generally, the macroeconomic outlook of the crypto market fluctuates between high and low values, evidenced by the protracted sideways trend.
Thus, UNi might also see a progressive upward trend in the coming days, which might deviate slightly from its sudden price spike. However, investors should expect the asset price to climb as high as $15 – $18 before the end of the quarter.
Interestingly, the core drive of the meteoric price rise is the recently announced overhaul of its governance framework. The move has taken the trading volume of Uniswap tokens as high as 2000% in the last 48 hours.
At the time of writing, UNI had an RSI reading of 88 on its daily timeframe, which indicates that there might be a short pullback as the token battles resistance at its current price. Conversely, the signals from its moving averages are bullish.
🔈 New Governance Proposal Posted 🔈
UF Governance Lead @eek637 just posted a proposal to upgrade Uniswap Protocol's governance system. Specifically, this upgrade would reward UNI holders who have staked and delegated their tokens.
— Uniswap Foundation (@UniswapFND) February 23, 2024
The current price remains above the long and short-term moving averages, which indicates that more funds will continue to flow into the asset despite the RSI trailing toward the overbought range.
2. Scotty the AI (SCOTTY)
According to the narrative shared by the team and the SCOTTY community, the project is on its way to becoming the guardian of the emerging crypto AI sector. With so much power comes so much responsibility. Artificial intelligence is believed to revolutionize the world as we know it. The claims emphasize that technology would change how we do things, work, entertain ourselves, and engage with family and friends.
If technology has so much power, there’s a need to protect it from falling into the hands of the wrong people. That’s what the Scotty team aims to achieve. While the project appears to pursue a bold vision, it does it comically. The community comprises driven investors who have a sense of purpose and want to build wealth.
SCOTTY token is currently on presale and offered at a discounted price of $0.0058. The presale recently entered stage six, and only eight days are left for the round.
🚨 $SCOTTY # 1 #memecoin W/utility of 2024
🎉 smart investors smashed out Stage 5 in 3 days 😳
8 days ahead of time.🚀stage 6 now live and on the move. Price will increase at stage 7
Stage 1 – 5 closed out very early.
👉BUY $SCOTTY presale at https://t.co/zRmy4g8hfW… pic.twitter.com/kASVshEQW1
— Scotty The Ai (@ScottyThe_Ai) February 23, 2024
With that, there might be an increase in the price after the round elapses. It’s best to get on board early and take advantage of the discount. Likewise, investors who get in early on the AI trend might create impressive ROI for this season.
3. Synthetix (SNX)
Synthetix kept sideways for many days in the past few quarters. However, following the crypto bull run, SNX saw a sudden spike in price and maintained an uptrend. In the last 24 hours, it recorded an increase of over 11% in price, and the trading volume rose by over 300%.
SNX might experience more uptrend despite its performance today. The community is currently working on the Infinex initiative, which is set to perform several functions to improve users’ experience in the ecosystem. The deployment of Infinix might further push the price of SNX toward $5.
At the time of writing, the token found support at the $3, and it pushed further towards the $4 resistance. With a price of $3.99, SNX should be able to break the resistance before the end of the week and find its way towards the $5 resistance zone.
Q: What chains is @infinex_app going to support?
– Gov proposal to support multiple EVM chains.
– Users can deposit from any chain & trade without bridging to @base.
– Engineers are working on support for Solana.
– Goal: Replicate the experience of CEX onboarding (ex: Binance) pic.twitter.com/V416TDMvsd— Synthetix ⚔️ (@synthetix_io) February 23, 2024
Other essential facts about Synthetix’s recent trend are that the asset is overbought and might experience a short pullback. While the pullback may present an opportunity to buy the dip, it will likely last only briefly. Hence, investors can expect a leg up after the pullback.
4. Aave (AAVE)
Besides last quarter’s general crypto market rally, today is one of the few times AAVE has seen a significant pump in trading volume and price since the Curve DAO hack of last year. The token and several DEFI assets have been locked into a sideway trend.
Its value today increased to $102, an 11% increase in the last 23 hours. Similarly, it recorded an increase of over 220% in trading volume, which signifies the return of investors’ confidence.
More importantly, AAVE holders might welcome a surge in the asset’s value as the collaboration between AAVE and Binance will give it the momentum it needs to push higher. The asset’s value might be near the $200 – $250 range before the end of the year. Currently, it heads for the $108 – $120 zone. Afterwards, it will likely gallop its way up the chart. With the substantial user base of Binance, the AAVE would likely establish higher highs and higher lows throughout the year.
In the meantime, investors might need to move courteously as the RSI reading of AAVE points towards the overbought zone. It’s best to conduct a more technical analysis to understand the best entry and exit points that work for the short and long term.
5. Lido DAO (LDO)
The Uniswap trend rubs off on most assets in the DeFi sector as demands for their services skyrocketed in the last 24 hours. Today, the price of LDO increased by over 11%, with a trading volume increase of 102%. As investors scramble to stake their bet in the defi sector, assets like LDO benefit from the windfall.
The Lido DAO community has an initiative in progress that might alter the direction of the LDO token in the coming days. The vote for the release of the Simple DVT went live a few days ago, and it was cleared for release. The DVT is now live, which contributed to the gains recorded today. Unlike the UNI spike, LDO recorded a mild price action.
The Lido DAO has voted to approve the deployment of the Simple DVT module, the first Staking Router module geared towards increasing the adoption of DVT in the Lido protocol and broadening the Node Operator base through the addition of community stakers.https://t.co/o17uoO9Dq2 pic.twitter.com/twbS6Oymwl
— Lido (@LidoFinance) February 23, 2024
Nevertheless, the gains might cascade into an avalanche in the coming days as solo investors and small groups scrabble to the platform to participate in LDO staking. With that, the chance of LDO becoming the next crypto to explode is relatively high.
In addition, LDO maintains a neutral RSI value even as its price approaches the $3.4 – $3.7 resistance zone. The token might find enough momentum to break above the resistance. Hence, LDO holders might see a $4 – $5 price range before the end of the quarter.
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