Here are the top 5 cryptocurrencies that you should monitor in May 2024
With the continuing talk and popular news that talk about the beginning of the bullish cycle in the digital currency markets, investors are constantly searching for promising alternative currencies to diversify their investment portfolios on the one hand and on the other hand to achieve high returns. We have collected for you the top 5 cryptocurrencies that you should monitor in May 2024.
Solana (SOL)
The Solana protocol is designed to facilitate the creation of decentralized applications (DApps). It aims to improve scalability by introducing Proof-of-History (PoH) consensus alongside the underlying Proof-of-Stake (PoS) consensus of the blockchain. Solana is also known in the crypto space for the extremely short processing times that blockchain technology provides. We should also mention its impressive rise as the price of Solana has increased by more than 700% since mid-July 2021. In addition to the increased developer activity in the Solana ecosystem, increasing institutional interest, and the growth of the DeFi ecosystem.
It reached a peak at 203 and the price rebounded strongly from it. However, it maintained the range of 120 - 130 and returned in an upward trend on the daily. Its expected targets are 172.55 - 203.44 - 241.35.
BounceBit (BB)
BounceBit Chain, a PoS layer 1 secured by validators who stake both BTC and BB (BounceBit's native token) BounceBit enables BTC holders to earn yield across multiple networks.
Let's look at the price as it was recently listed on Binance. The listing price is 0.05 and it has risen and formed a peak at 0.794. At the time of writing, it is trading at 0.323.
Saga (SAGA)
It is a layer-one protocol that allows developers to automatically spin up custom, non-virtual device-based, parallel, interoperable chains, or “Chainlets,” that provide applications with infinite horizontal scalability. Each Chainlet is an exact copy of the Saga Mainnet, with the same validation toolkit and security model.
It is currently trading in a sideways trading range between 2.1 and 2.3. It is expected to continue in this range until the box breaks its targets 2.423 - 2.5177 - 2.6175 - 2.7481.
TENSOR (TNSR)
It is the largest NFT marketplace on Solana and the vast majority of Solana NFT collectors and traders use Tensor as their daily NFT marketplace because it provides the broadest coverage of the latest NFT projects on Solana.
When monitoring the chart, we see resistance on the moving average. When it is broken, our targets will be as follows: 1.055 - 1.2353 - 1.327.
Wormhole (W)
Wormhole provides developers with access to liquidity and users on 30+ leading blockchain networks, enabling use cases including DeFi, NFTs, governance, and more. The broader Wormhole network is trusted and used by teams like Circle and Uniswap, and to date, the platform has facilitated the transfer of over $40 billion through over 1 billion messages on-chain.
It is important that its trading remains above 0.5. Its expected targets will be 0.694 - 0.911 - 1.126.
In conclusion, we always recommend that you do your own research, taking into account the risks involved in the financial markets.
