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Thinking About Bitcoin? Here Are Altcoins Set to Deliver Greater Returns by 2024
While the cryptocurrency market remains unpredictable and volatile, it’s essential for investors to diversify their portfolios and consider alternative options beyond Bitcoin. As we head into a new year, it’s crucial to identify potential altcoin performers that can deliver greater returns compared to the world’s most popular digital asset.
In our recent analysis, we’ve identified Solana (SOL) as one such opportunity. Despite its recent decline of 18.80% over the past week and a further drop of 30.50% in the last month, SOL still presents an attractive investment case. The Relative Strength Index (RSI) at 38.29 suggests that the asset is approaching oversold territory, which could lead to a potential bounce.
The MACD level of -1.376 and Stochastic indicator reading 26.34 both hint at bearish momentum dominating the market. Furthermore, the Simple Moving Averages over 10 and 100 days have been trending downward, indicating a short-term bearish trend.
However, it’s essential to note that SOL has potential support levels at $188 and $154, which could help stabilize its price. In contrast, if the bulls regain strength, Solana may rise towards resistance levels of $256 and potentially $290, representing a 22% to 40% increase from the current market value.
As we look ahead to 2024, it’s crucial to recognize that altcoins often exhibit more significant growth than Bitcoin. This is largely due to their potential for increased adoption rates in various sectors such as gaming, healthcare, and social media integration.
While it may be tempting to focus solely on Bitcoin’s price action, ignoring the potential of other digital assets can result in missed investment opportunities. As we’ve seen in previous market cycles, altcoins can quickly rise to prominence, offering greater returns for early investors.
Before making any decisions, it’s essential to conduct thorough research and consider your individual risk tolerance before investing in any cryptocurrency.
In conclusion, while Bitcoin remains an attractive option, we believe that Solana (SOL) has the potential to deliver greater returns by 2024. We encourage our readers to explore other altcoin options that align with their investment goals and risk appetite.
Disclaimer and Risk Warning:
Source: coinpedia.org
