Over the past 24 hours, several cryptocurrencies have attempted to recover from recent losses, generating a surge in interest in the market. Among the most talked-about altcoins today is a newly launched asset, whose project recently launched its Mainnet and quickly gained traction in the market.
According to CoinGecko, two other assets also stand out: a popular altcoin, which has attracted great market attention, and a privacy-focused cryptocurrency, which continues to gain relevance in the crypto scene.
Vector Smart Gas (VSG)
Vector Smart Gas is a recently launched layer-1 network on the Ethereum blockchain that focuses on Decentralized Finance (DeFi) and tokenization of Real-World Assets (RWAs). Its native token, VSG, is one of the altcoins in the spotlight today, mainly due to its price surge.
In the last 24 hours, VSG price has increased by 49% and cumulatively by 550% in the last seven days. This development could be linked to the notion that the token is trending on TikTok, increasing demand.
At the time of publication, VSG is priced at $0.0044. Furthermore, the daily chart shows that the Moving Average Convergence Divergence (MACD) is positive, indicating that the momentum around the altcoin remains bullish.
Vector Smart Gas Daily Analysis. Source: TradingView
If this continues, the price of VSG could rise further. However, if the momentum turns bearish, this may not happen. Instead, the altcoin’s value could drop towards the $0.0018 support.
Tornado Cash (TORN)
As mentioned above, Tornado Cash is a privacy-focused cryptocurrency that is one of the most popular altcoins today. But beyond that, Tornado Cash has scored a major victory after a U.S. appeals court ruled against the Treasury Department.
As a result, TORN’s price has surged 396% in the past 24 hours. At the time of writing, it is trading at $17.86. According to the daily chart, the volume surrounding the cryptocurrency has also increased, suggesting widespread interest in the token.
As long as the volume increases, the altcoin’s price could rise to $39.41. However, if crypto holders take profits, this could change, and the altcoin could drop to $12.24.
Tornado Cash Daily Analysis. Source: TradingView
Solana (SOL)
Last on the list is Solana, one of the best-performing altcoins of the past year. However, unlike TORN and VSG, SOL is not on the rise because its price has increased. In fact, the token’s value has been hovering around $235 over the past 24 hours.
On the daily chart, the Parabolic Stop And Reverse (SAR) indicator has risen above the SOL price. The Parabolic SAR is a technical indicator that identifies support and resistance.
When the price is above the indicators, there is strong support, and the price may increase. But as it is below, the Solana price faces resistance. If this continues, then SOL may fall to $219.63.
Solana Daily Analysis. Source: TradingView
On the other hand, if the altcoin sees an increase in buying pressure, the trend could reverse. In this case, SOL could rise to $264.33.
The article Why Solana and two other altcoins are trending today, 11/27/2024? was first seen on BeInCrypto Brasil.
