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Analysts and investors typically view a decline in Bitcoin’s dominance as a precursor to a potential rise in the altcoin market. As such, the current market trend could mean that capital will move from Bitcoin to altcoins.
A small drop in Bitcoin’s market share shows a slight but significant change. Analysts think this might lead to a more explosive performance for alternative coins. However, Bitcoin’s dominance has overall gone up this year, showing that the market is mixed.
Next Cryptocurrency To Explode
Attention in the crypto market in the coming month will be directed toward altcoins as the market grapples with bears after Bitcoin’s halving. Hence, investors can capitalize on the moment and take a position in upcoming tokens like the 99Bitcoins token. 99Bitcoins token is connected to the Bitcoin halving event. Its transition from the ERC-20 to the BRC20 token standard enables developers to create a new token standard. This post covers the details of its presale.
1. Solana (SOL)
In the last 24 hours, the price of Solana has risen by 5% to reach $154.24 at 02:25 a.m. EST, with trading volume increasing by 130%. Despite the overall market decline, SOL has defied this trend, thanks to its collaboration with Velo. This partnership aims to pioneer financial innovation globally, starting with changes in Laos’ digital gold market.
Solana’s price shows a bullish trend, poised for a 96% surge following the completion of a Rounding Bottom Pattern. The Relative Strength Index (RSI) indicates growing bullish sentiment in the SOL market, with higher lows recorded since June 2023.
Solana has made a notable comeback, climbing to the top 5 in crypto rankings. Its price surged from $10 to over $200, showing strong resilience. Currently, it’s on another upward trend, suggesting a possible rise to $500 this year.
As the overall market improves, Solana’s price has steadily risen in the past week, indicating a healthy recovery. With this bullish trend, Solana looks poised to surpass $200. If it breaks the 78.60% Fibonacci level, it could reach $258 this month.
New month, more W's — the Solana ecosystem call by @SuperteamDAO with host @kashdhanda is back tomorrow!
🌆 @davijlu on Foundations as Cities
☁️ @soleconomist on LSTs
☄️ @hellochow on tokensMay 2, 14:00 UTC. Don't miss it👇 https://t.co/ZlEgG42tG0
— Solana (@solana) May 1, 2024
According to several well-known crypto investors, Solana is a promising Layer 1 protocol expected to surpass others. During the previous bull cycle, Solana experienced a remarkable surge, and this trend is anticipated to continue this year.
Additionally, meme coins represent another hopeful area in the crypto market. Specifically, Solana meme coins such as WIF, SLERF, and PONKE are preparing for a significant increase in value during this bull cycle.
2. AIOZ Network (AIOZ)
The AIOZ Network acts as a hub for Web3, providing speed, security, and decentralization. It has caught the eye of the crypto world due to the buzz around Artificial Intelligence (AI).
In the past 24 hours, the price of AIOZ has risen by 8.93%, with a trading volume surpassing $19 million. Over the past week, it has increased by 36.48%, and since the beginning of the year, it has surged by 448.56%.
The Relative Strength Index (RSI) climbed past the middle point on its chart in the last week, indicating a significant increase. However, the averages remain near the neutral zone, suggesting uncertainty about the altcoin’s future price movement.
ℹ️ Friday Fact:
Did you know?
In 2021, the AIOZ Network team collaborated with the University of Liverpool to develop an AI-powered Smart Video Compression system. 📹
With the expertise and support of specialists from the University of Liverpool—established in 1881—the system… pic.twitter.com/kHhqNk6YPS
— AIOZ Network (@AIOZNetwork) May 3, 2024
AIOZ’s price might test its upper resistance level at $1.029 if the market stays bullish. Conversely, if bears dominate, the price could drop to its support level of $0.684 in the coming week.
Currently, the sentiment for AIOZ price prediction is bullish. The Fear & Greed Index is at 68 (Greed), showing increased token transactions. This suggests growing optimism for an uptrend.
3. Jupiter (JUP)
Jupiter’s token grew significantly in the past year, but lately, it has dropped. Even though it’s now a bit lower than before, it still hints at future interest and changes in the market. However, there’s some uncertainty in the short term.
Jupiter is leading a big change in the Solana system, making interacting between blockchains and managing assets easier. Its new tool, the Bridge Comparator, brings together services from Mayan Finance, deBridge Finance, and Allbridge. This lets users compare and get the best rates for moving assets across 11 blockchains.
Additionally, Jupiter has made it simpler for users to move Wormhole assets or USDC between networks without fees. This helps break down financial barriers and makes blockchains more connected and efficient.
With altcoins rising, Jupiter’s price is improving and gaining momentum in its upward trend. It’s now challenging a critical resistance level, hinting at a possible increase in JUP token value this week.
.@CloneProtocol has been integrated into Jupiter Routing.
This allows you to trade assets that aren't native on Solana, such as DOGE, ARB, and OP, seamlessly with low fees and without needing to bridge.
With Jupiter, you can now swap into any clAsset from any token easily. pic.twitter.com/JHgtvNw7o6
— Jupiter 🪐 (@JupiterExchange) May 6, 2024
As demand grows, traders waiting on the sidelines consider entering the market. Will Jupiter’s bullish streak push its price to $2? Discover more in our JUP price analysis.
Jupiter holds the #62 spot among the top 100 coins, boasting a market cap of $1.55 billion. However, its price has dropped by 18.79% in the last month, signaling a temporary setback. Nevertheless, investor sentiment is shifting, slowly driving Jupiter’s price upward.
4. 99Bitcoins (99BTC)
The 99Bitcoins token is a fresh BRC20 cryptocurrency introduced by the 99Bitcoins news outlet. So far, investors have contributed over $1.1 million to the ICO, and market analysts have praised it as one of the most promising digital currencies.
During the presale, traders can acquire the 99Bitcoins token for $0.00103 each. However, this price will increase as the campaign progresses, either after six days or when the total raised amount reaches $1.8 million.
What sets the 99Bitcoins token apart is its direct connection to the Bitcoin halving event and its transition from the ERC-20 to the BRC20 token standard. BRC20 is a new feature on the Bitcoin network that allows users to store various data types in blocks. This innovation enabled developers to create a new token standard that facilitates the creation and transfer of interchangeable tokens.
99Bitcoins plans to use technology to create a new Learn-to-Earn platform. This platform will reward users for learning about cryptocurrency. It will offer organized content that users can control, thereby helping people at all levels of knowledge in the crypto market.
🚀 Time is ticking! Our $99,999 $BTC #Airdrop already has over 4700 entries!
Don't miss your chance to be one of the 99 lucky winners. Join now before it's too late! 👀
Get started: https://t.co/ZXji0s6ACe#99Bitcoins #CryptoCurrency #Alts pic.twitter.com/rwNdsn4qDe
— 99Bitcoins (@99BitcoinsHQ) May 2, 2024
To use the platform, learners need to have $99BTC. They can earn points by finishing quizzes, tests, and courses. These points let them get free cryptocurrency in their wallet.
Furthermore, holders can access BRC20 tools and education, crypto trading signals, a VIP community group, staking rewards, and more. These benefits will likely increase the demand for $99BTC. However, only 10.5% of the token’s total supply is set aside for the presale. Traders should move quickly if they want to join early.
5. Near Protocol (NEAR)
NEAR Protocol (NEAR) has shown positive movement in its recent price range, fluctuating between $6.38 and $7.68. It surpassed the $6.56 100-day average, indicating strength. Over the past week, NEAR’s value increased by 16.03%, and it rose by 8.22% over the month.
Moreover, the six-month change shows a significant surge, marking a 368.05% increase. Currently, NEAR is in a robust phase with a high Relative Strength Index (RSI) of 72.15, suggesting increased demand.
Nevertheless, NEAR needs to surpass the $8.31 resistance level for further gains, with support at $5.71 if it declines. The overall trend indicates NEAR is moving upward impulsively.
Meanwhile, Bithumb, the second-largest cryptocurrency exchange in South Korea after Upbit, kicked off the day by announcing two new altcoins. Bithumb revealed its plans to add Aioz Network (AIOZ) and Near Protocol (NEAR). As a result, the prices of AIOZ and NEAR started to rise.
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— NEAR Horizon (@nearhorizon) May 2, 2024
Popular technical indicators show that the trading community is increasingly interested. This optimism is further fueled by NEAR’s unique qualities, such as its environmentally friendly approach and ability to handle large transaction volumes efficiently.
If this trend continues, NEAR Protocol could gain even more attention from investors who are attracted to its promising performance and technical capabilities.
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