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The crypto market is entering the peak of the 2024–2025 bull run. During this time of high volatility, consider buying Layer 1 altcoins that can turn small investments into million-dollar portfolios. Learn about hidden Layer 1 altcoins to buy that could potentially grow your portfolio to seven figures if the crypto market cap hits $5T.
1. Altcoins To Buy – Solana (SOL)
Solana has been making waves in the crypto space due to its high throughput and low transaction fees. Its ecosystem is growing rapidly, with various decentralized applications (dApps) and projects being built on it.
Solana price action has been bullish for the past seven months, showcasing impressive resilience even when Bitcoin price tanked in April.
With an overall bullish market sentiment, SOL price is trending above the 50-day and 200-day simple moving average (SMA). A major support zone has formed at the $123 price level, which was previously a resistance level. The support has been tested twice already and proved tough to break.
SOL price recently broke out of a mini-range and surged to $189 before retesting the top of the range. SOL’s price must overcome the overhead key resistance at $210 to make new yearly highs. Overall, Solana remains one of the strongest layer 1 altcoins to buy for long-term growth.
2. Cardano (ADA)
Cardano is known for its scientific approach to blockchain development. Its smart contract functionality, which was recently launched, opens up new possibilities for decentralized finance (DeFi) and other applications.
ADA price action is trending below the 200-day SMA, which may be worrisome to investors. However, a major support structure currently exists around the $0.40 price level.
Cardano’s price is mostly in consolidation, with several overhead resistance levels in sight. In a bull run scenario, Cardano is known to run faster than most cryptocurrencies in the top 10 category.
#Crypto analysts predict a potential bull run for Cardano ($ADA).
Technical indicators and increased trading volume suggest a shift in market sentiment.
Keep a close eye on ADA's developments and conduct your own research before investing. #CryptoNews #ADA #Bullish pic.twitter.com/R07HOrh6sD
— BitsPuls (@bitspuls) May 22, 2024
Crypto analysts predict a potential bull run for ADA amidst a surge in its trading volume. The network’s infrastructure has grown immensely, surpassing 10 million native tokens, showcasing Cardano’s increasing adoption.
3. Avalanche (AVAX)
Avalanche aims to provide a highly scalable and customizable blockchain platform. Its consensus mechanism, Avalanche Consensus, allows for fast transactions and low fees. AVAX has gained attention for its DeFi ecosystem and interoperability features.
AVAX price is in a mega-consolidation pattern, indicating a struggle between the bulls and the bears. The lower boundary of the range has been tested six times in the past seven months, making it a strong support for Avalanche’s price.
Up ahead, AVAX needs to break above the range to reclaim previous highs. The price of AVAX hit over $60 in mid-March during a general market rally, rising 141% in less than 2 months.
This volatility in price foreshadows how much it can rise during the bigger bull run. DeFi and memecoin seasons on Avalanche are still yet to be priced in, making AVAX a contender in the list of layer 1 altcoins to buy.
4. NEAR Protocol (NEAR)
NEAR focuses on usability and developer-friendly features. It aims to make blockchain accessible for mainstream adoption. NEAR’s sharding architecture and low-latency transactions position it as a promising layer 1 solution.
The low price makes for a great buy-in opportunity. The price action is currently trading above the 50-day and 200-day SMAs, further confirming the bullish bias evident in the ascending triangle.
As NEAR price approaches the end of the ascending triangle, Near may be gearing up for a massive pump. The last time NEAR broke out of a major chart structure, it rallied 693% to its current price of $7.7. NEAR is qualified to be one of the best layer 1 altcoins to buy in 2024.
5. Algorand (ALGO)
Algorand network emphasizes security, scalability, and decentralization. Its pure proof-of-stake (PoS) consensus ensures fast finality and low energy consumption. ALGO has gained traction in DeFi and asset tokenization use cases in the recent past, bringing it close to greater retail usability.
ALGO price is at one of the best buy zones currently. In fact, in this list, Algorand may be the best layer 1 altcoin to buy if you want to grow your portfolio to seven figures.
Algorand price is trending slightly below the 50-day SMA on the weekly chart. The price action is also at the bottom of a seven-month range, making it the best place to enter the market. Investors who add ALGO to their portfolio right now stand a chance to gain over 14X if it revisits its previous all-time high price.
ALGO may face some resistance on the way up around $0.3 and $0.4, but the robust technology the team has built ensures that the project remains relevant in the blockchain space.
Final Thoughts
This list contains some of the best layer 1 altcoins to buy based on their technology, community, and adoption. Solana is a good contender based on community but is far behind Algorand when it comes to technology. When choosing layer 1 altcoins to buy, it is good to do your due diligence, and this list is a good place to start.
The post 5 Layer 1 Altcoins To Buy For $1M Potential If Crypto Market Cap Hits $5T appeared first on CoinGape.
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