Bitcoin is well-known, but navigating the world of cryptocurrencies can be overwhelming with the numerous altcoins available. This article will focus on three cryptocurrencies that have been generating significant interest, which you shouldn’t miss in June 2024: Ethereum, Solana, and Toncoin.
1. Ethereum
With a market cap of $422.9 billion, Ethereum is the second-largest crypto, yielding a year-over-year return of 103%. The Ethereum Mainnet’s vast applications make it a favorite among program developers.
The cryptocurrency and blockchain have experienced tremendous growth since April 2016, when one ETH was only trading for $11. At the time of writing, it’s worth just over $3,500, which is an increase of around 31,000%.
Ethereum has a lot more going for it. The US Securities and Exchange Commission recently approved applications to list Ether-based exchange-traded funds (ETFs). The products are expected to become available for trading this year.
The bulls’ case for Ethereum is a price increase of 2.24% to $3,790 by mid-July. At present, sentiment is neutral, but the Fear & Greed Index is at 72 (greed), suggesting an overvalued asset. Over the last month, Ethereum recorded 10% price volatility and 60% green days.
According to an expert’s recent prediction, the price could increase by approximately 22.69% to $4,724. This is very close to ETH’s all-time high of $4,878.26, reached on November 10, 2021.
If the extremely bullish scenario pans out, Ethereum might document a spike of 79% by the end of this year. If this happens, its price will pass $6,000.
2. Solana
Solana has traditionally been the go-to blockchain for memecoin projects thanks to its low fees, alleviating investors’ entry. The memecoin frenzy led Solana to overtake Ethereum in on-chain trading volume. Solana memecoin mania might drive the price of Solana to new highs, perhaps even a new all-time high.
Solana could gain 15%, reaching $185 by July 10, 2024, from its current price. However, sentiment is bearish according to other technical indicators, and the Fear & Greed Index is at 72 (greed). Solana recorded 6% price volatility and 43% green days over the last month.
A downward correction might be possible because the death cross has emerged. This is a bearish sign, which we see when the 50-day simple moving average drops below the 200-day one. The SMA is the average of a select price range, usually closing prices, over a specific number of periods.
There is also a bullish sign – the Relative Strength Index is neutral, indicating stable demand. Mentions of Solana on social media are dwindling, reflected in a 50% decline in trading activity. Still, the bulls do have a case. The market shows increased long positions on leading exchanges such as Binance and OKX.
Recent short-term price surges have provoked short liquidations, which means we might expect a rally in the short term. Other factors impacting the price include regulatory policymaking, future projects on the Solana blockchain, and the broader market climate. Well-performing projects could bring investors back to Solana, hiking the SOL token’s valuation.
3. Toncoin
Toncoin (TON) has a market cap of $16.6 billion and year-over-year returns of 354%. It was originally developed as a layer-1 blockchain for Telegram, and its first name was “Telegram Open Network.” Later, the TON Foundation took over the project and renamed it “The Open Network.”
You’d be hard-pressed to find any crypto community member who hasn’t heard of Toncoin. The crypto industry momentum faded over the past few days, and the price pulled back. At the time of writing, TON is changing hands for $7.64, which is only slightly off its year-to-date high of $7.87. It is still one of the best-performing tokens, up 9% today and more than 400% this year.
Dexsport announced the integration of TON into its platform today, enabling smoother transactions and wider betting possibilities. People can now use TON and USDT for bets on Dexsport. Yesterday, we predicted that TON was under pressure and more upside would only be confirmed if the token rebounded above the resistance level of $7.60, which has happened.
Ethereum, Solana, and Toncoin are all successful networks and cryptocurrencies, but it’s always best to take price predictions with a grain of salt. Don’t invest more in them than you can afford to lose.
