Top 3 Altcoins to Invest in July 2024
The crypto market is showing signs of recovery, and certain altcoins are making notable strides. This July, Solana (SOL), Ripple (XRP), and Cardano (ADA) are emerging as strong contenders. With their robust fundamentals and innovative updates, these altcoins are poised for significant growth. But to know more, dive into why these three altcoins should be on your investment radar this month.
1- Solana (SOL): Institutional Backing and Technical Momentum
Solana (SOL) has captured investor interest due to its strong performance and increasing institutional support. Cypherpunk Holdings has significantly increased its stake in Solana, holding over 63,000 tokens valued at nearly $14 million. This indicates high confidence in Solana's future potential.
In the past two days, Solana’s price surged by 13%, supported by bullish indicators from the RSI and MACD. Market volume spiked by 32.45%, reflecting renewed investor interest. Analysts predict a short-term price target of $180, driven by expectations of a Solana ETF and increased USDC issuance by Circle. However, maintaining network stability remains a challenge amid high market expectations.
2- Ripple (XRP): Legal Battles and Market Sentiment
Ripple (XRP) experienced a 48% surge in two days, driven by positive developments in its ongoing legal battle and strong market sentiment. A recent legal victory confirming XRP as a non-security has bolstered investor confidence.
XRP is currently trading at levels not seen since April, with technical indicators like the MACD suggesting further upward momentum. Analysts believe XRP could surpass $1 if it breaks the $0.65 resistance, as large holders now control 85% of the total supply. Nevertheless, ongoing legal uncertainties and market volatility necessitate caution despite bullish trends.
3- Cardano (ADA): Strategic Upgrades and DeFi Growth
Cardano (ADA) is gearing up for a major upgrade with the Chang hard fork, which aims to enhance network capabilities and introduce on-chain governance via Cardano node v9.0. Successful implementation requires 70% of stake pool operators and 85% of exchange liquidity to upgrade.
Cardano has seen a 40% price increase over ten days, reaching $0.44 by July 16th after a brief dip to $0.32. This rise is fueled by favorable macroeconomic conditions, excitement for Ethereum ETFs, and growth in Cardano’s DeFi sector, with Total Value Locked exceeding 682 million ADA. Technical indicators, including a positive Accumulation/Distribution Line (ADL) and bullish Parabolic SAR and RSI signals, suggest further gains. Overcoming the $0.45 resistance could propel Cardano towards $0.50 and potentially $0.55, contingent on sustained ecosystem development and market sentiment.
Conclusion
As the crypto market rebounds, Solana (SOL), XRP (XRP), and Cardano (ADA) stand out for their strong fundamentals and growth potential. Investors should consider these altcoins as they navigate the market recovery this July.
