Best Crypto to Buy Now August 30 - Solana, Render, Compound

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InsideBitcoins regularly provides a rundown of the best cryptocurrencies to buy now, taking into account their recent price performance. The market trend that followed Grayscale’s legal victory surprised the entire crypto community.

At first, the global cryptocurrency market cap increased by over $50 billion within an hour. Additionally, the BTC price increased by $2k within a few hours before settling for its current price range of about $27k. Moreover, crypto trading volume saw a boost of over 100% in the periods following the news.

Best Crypto to Buy Now

Nonetheless, the tentative return of normalcy to the crypto industry still left many people sceptical. Some investors are optimistic that the resultant trend is a precursor to the Blackrock ETF, but others believe it’s only a bull trap intended to sink investors who fall for it. Despite the mixed feelings across the market, several indicators reveal that the crypto market is finally returning to life.

Global Crypto Market Cap Chart

For example, the Fear/Greed index jumped from 34 to 42 within the last 24 hours. Hence, it indicates that there’s growing optimism in the future of the crypto industry. With that said, what are the best cryptos to buy now? As the dust of the bear market settles, we’ve identified some assets that are on the path to becoming major winners. Below is a quick overview of what they have to offer.

1. Compound (COMP)

The compound’s performance has been below par since the bearish market of August 18. The token lost over 25% of its value in less than 48 hours, bringing the price of COMP from $55 to $41. In the last 24 hours, the token saw a 6% price increase and over 50% trading volume.

The sudden increase in the value of COMP may have stemmed from the overall performance of the crypto market, as the COMP ecosystem has not been quite active recently. Hence, the value pump may be traced to holders who are probably accumulating in anticipation of an overall increase in value.

Is COMP one of the best cryptos to buy now? The technical indicators of COMP signal potentials that investors need to watch closely. On the upside, COMP’s recent performance places it ahead of over 60% of the cryptocurrencies in the market.

Additionally, the token’s current market cap indicates that the token boasts high liquidity, a sign that investors would be comfortable investing in the asset.

Also, COMP’s inflation rate is one of the lowest on the market, with about 0.64% inflation rating. Thus, COMP has several upsides to qualify it as one of the best cryptos to buy now.

However, on the flip side, there are other negative signals to consider before deciding on crypto.

Firstly, COMP has only had ten green days in the past 30 days. Hence, there’s been a decrease in its price. The current price of the asset is way below its 200-day moving average. Hence, today’s price pump may be short-lived.

2. Injective (INJ)

Injective caught the attention of the crypto industry this month after it announced its new burn strategy termed tokenomics 2.0. The strategy allows every dApp within the Injective ecosystem to participate in the auction pool with as much as 100% of their fees earned on the platform.

Injective made another move yesterday when it announced the launch of Helix Institutional. The new project is intended to provide a new trading platform for financial organisations.

According to the announcement made on Injective’s official Twitter handle, Helix Institutional will enable trading of derivatives, real-world assets (RWAs), FX, Indices and more.

The new platform is designed to support trading within a fully permissioned environment. The project would open new opportunities for the Injective protocol and its ecosystem.

Besides the launch of Helix International, other projects that recently went live on the injective network include the Side Protocol. The integration brings the inter-chain capability of Side Protocol to the Injective platform. Coupled with the lightning speed of Injective, it is believed that the DeFi sector would see a new level of efficiency.

The activities and enhanced fundamentals across the Injective network have caused a surge in the price and trading volume of INJ. The token increased over 5% earlier today, and its trading volume had a 24-hour increase of over 50%.

1/ Helix Institutional is officially launching today, providing a brand new trading portal custom built for financial organizations.

The new platform enables trading of derivatives, RWAs, FX, indices and more in a fully permissioned environment 🏦https://t.co/cAloKru7YJ

— Injective 🥷 (@injective) August 29, 2023

Similarly, signals from INJ technical indicators are relatively fair. Its RSI remains slightly above the oversold range, which shows market sentiment in the asset will remain neutral for the time being.

Furthermore, the current price is above the 200-day moving average. With that, holders would be happy to buy more of the asset as it already signals potential bullish momentum. The downside, however, is that INJ MACD reading returns -0.2197 on the daily chart, which might be a bullish signal.

Overall, INJ is one of the best cryptocurrencies to buy now, especially with a Y2D price increase of over 353%. Arguably, it is one of the best-performing cryptocurrencies this year.

3. Render (RNDR)

Render token made the CoinMarketCap gainers list today after it printed a price increase of about 6% in the last 24 hours. Will Render be able to keep the trend? Render has gone through several cases of boom and bust this year, with May being the peak of it. The token price climbed up to $2.7 before nose-diving to its current price of $1.43.

Despite its fluctuating price, RNDR boasts over 178% gains Y2D, making it one of the biggest gainers. The key question, however, is whether RNDR will finish Q3 with a positive gain.

As the crypto market heads towards the third month of Q3, major cryptocurrencies scramble to hold onto their gains. RNDR has been on the consolidation trend for the past seven days, trading sideways as it also occasionally tested the $1.48 resistance.

With the drive towards the overall recovery of the crypto market, it might be best to watch the Render token trends closely, the prospect of explosive growth is imminent if the market swings back into full recovery.

Its RSI value of 39 and 10-day SMA value of 1.43 point to a slightly bullish trend in the short run. Similarly, the RNDR MACD reading gives a value of −0.0753, which is also a bullish signal in the short run.

While RNDR may have several indicators revealing short-term bullish signals, investors should also take note of other indicators that imply an impending bearish trend for the token.

4. Solana (SOL)

Solana has been on a sideways trend for most of the year, save for July, when it saw a short price pump. Sadly, the token has since returned to its sideways trend. However, there is a slight deviation from its trend.

Recent price movement across the SOL charts reveals that the token might be primed for an upward trend that would increase the asset price. In the early part of the day, SOL recorded a price increase of over 6%, briefly raising its price above $21.

While the token has been performing below market expectations, it might be the best time to buy against the overall market recovery. SOL still boasts strong fundamentals, and the current asset trend indicates oversold.

5. Sonik Coin (SONIK)

Sonik Coin is likely to slow down sometime soon. The project has raised over not slowing $776,000 through its presale offering. It might cross the $2 million milestone at this pace before its countdown elapses.

The journey so far has been quite eventful for the blazing token. It launched the presale offering a few days back, and in a short space, the platform has demonstrated immense strength against some metrics.

BOOOOOMMMMM 🚀

The $SONIK presale is heating up!!!!!!💥
👉https://t.co/s1fTdXDQCK pic.twitter.com/UVz1MmpaKJ

— SONIK COIN (@Sonikcoin) August 30, 2023

Firstly, it has attracted hundreds of presale investors who believe in the project and are willing to participate in the adventure. Additionally, it’s been able to push its social influence from zero to thousands within a few days.

SONIK’s growing influence demonstrates that it’s gradually hatching a space in people’s consciousness. And when it comes to fundamentals, the Sonik Coin project features interesting tokenomics that’s likely to position it as one of the best cryptos to buy, especially for degen investors.

According to SONIK’s whitepaper, 50% of the total supply would be offered during presale. 40% of the token would be reserved for staking and enhancing the platform’s success.

Also, there are plans to reward stakers. 10% of the total supply is reserved for stability and liquidity. Ultimately, the max supply of SONIK is pegged at 299,792,458,000 tokens.

Intending to go from a $0 to $100 million market cap at the speed of light, the team believe adventures degen investors would find the challenge quite fascinating. Hence, the invitation is open for investors to come on board at $0.000014.

The price is discounted because of the presale. It will likely increase multiple times when the token goes on exchanges. The presale page offers guidelines on how to participate.

Visit SONIK presale