Today, several cryptocurrencies made strong moves to recover their recent losses. This has reignited interest in some altcoins. One altcoin exploded on the back of a legal victory. Others caught the attention of investors for different reasons. Crypto analyst Victor Olanrewaju discusses 3 altcoin projects that the market is talking about.
The first-ranked altcoin: Vector Smart Gas (VSG)
Vector Smart Gas is a recently launched layer-1 network focused on decentralized Finance (DeFi) and Real World Asset (RWAs) tokenization on the Ethereum Blockchain. Its native token VSG is one of the trending altcoins today, mainly due to its price surge. The altcoin’s price has recorded a 49% increase in the last 24 hours. Moreover, the token has increased by 550% cumulatively over the last seven days. This development is also linked to the token trending on TikTok. Because this increases demand even more.
At the time of writing, the price of VSG is $0.0044. Also, the daily chart shows that the Moving Average Convergence Divergence (MACD) is positive. This suggests that the momentum around the altcoin remains bullish. If this continues, it’s possible that VSG could rise much higher. However, if momentum turns bearish, this won’t happen. Instead, the altcoin price is likely to fall all the way down to the $0.0018 support.
In second place is Tornado Cash (TORN), which won the legal battle!
Tornado Cash is a privacy-focused cryptocurrency that is part of the trending altcoins of today. However, Tornado Cash also scored a huge victory after a US appeals court ruled against the Treasury Department. As a result, the altcoin’s price has surged 396% in the last 24 hours. At the time of writing, the token was trading at $17.86.
According to the daily chart, the volume around the token has also increased. This shows that interest in the token is widespread. As long as the volume increases, it is possible that the altcoin price could rise as high as $39.41. However, this won’t happen if holders take profits. In this case, TORN is likely to fall to $12.24.
The last altcoin in last place: Solana (SOL)
Last on the list is Solana, one of the best performing altcoins of the last year. However, unlike TORN and VSG, SOL is not trending because its price is increasing. In fact, the altcoin price has hovered around $235 in the last 24 hours.
On the daily chart, the Parabolic Stop And Reverse (SAR) indicator has moved above SOL’s price. The Parabolic SAR is a technical indicator that detects support and resistance. When the price is above the indicators, there is strong support. Therefore, the price is likely to increase. But since it is below it, Solana’s price is facing resistance. If this remains the case, SOL is likely to fall to $219.63. On the other hand, if the altcoin sees an increase in buying pressure, a trend reversal is possible. In this case, SOL is likely to rise as high as $264.33.
The opinions and forecasts in the article are those of the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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