The overall cryptocurrency market is experiencing sustained short-term buying pressure, with most digital assets endeavoring to recover from recent losses. While Bitcoin (BTC) garners much attention as it aims to reclaim the $65,000 resistance, altcoins are also attracting significant interest.
In light of this, Finbold has identified two cryptocurrencies worthy of monitoring. These cryptocurrencies are notably influenced by significant on-chain developments and metrics, which will likely impact their prices amid the prevailing bullish sentiments.
Solana (SOL)
Following the ongoing rally, Solana (SOL) aims to surpass the crucial $150 resistance zone, which is pivotal in achieving another record-high price. Undoubtedly, the decentralized finance (DeFi) platform continues to be the activity center.
It’s worth noting that Solana previously experienced a rally, fueled in part by the growing interest in meme coins launched on the platform. Currently, meme coins are gaining attention again, making Solana a noteworthy asset to watch.
To recap, meme coins on Solana, including Dogwifhat (WIF) and Bonk Inu (BONK), gained prominence as they sought to compete with established players like Shiba Inu (SHIB). However, the spotlight on dog-themed meme coins appears to wane, with a new class of themed around cats emerging. Recent activity surrounding cat-themed tokens has contributed to the SOL price spike.
For instance, Solana-based Popcat (POPCAT) experienced double-digit gains on May 2, skyrocketing by over fivefold in just two weeks. It will be intriguing to observe whether more cat-themed tokens can replicate the performance of their dog-themed counterparts and potentially influence the value of SOL.
Furthermore, the Solana network has seen a notable increase in its locked value, reaching $4.013 billion at the time of writing, according to DefiLlama data. This figure marks a growth of over 160% in 2024.
The escalating TVL indicates expanding user engagement and confidence in the platform and heightened liquidity and trading volume within the protocol.
By press time, Solana was trading at $147, gaining almost 4% in the last 24 hours. Over the past week, SOL has been up over 7%.
Shiba Inu (SHIB)
In the short term, Shiba Inu stands out among cryptocurrencies with notable gains, surging by over 10% in the last 24 hours. Beyond the overall bullish sentiment in the market, SHIB appears to benefit from factors such as increased trading activity, token burns, and ongoing network developments.
Of particular interest is the network development, which could be the main driver behind SHIB’s price movements. Shiba Inu’s layer-2 blockchain solution, Shibarium, underwent a successful hard fork. This upgrade addresses user concerns regarding network usability and transaction efficiency, which are crucial factors supporting SHIB’s price growth.
The development seeks to promote faster transaction speeds by reducing processing times on the Shibarium network. Additionally, it introduces a system for predictable gas fees, making transactions more cost-effective. Security is also prioritized, with enhancements implemented to safeguard user assets and bolster network security.
Furthermore, crypto analyst Ali Martinez highlighted technical indicators suggesting that SHIB was forming a bull flag, indicating a potential bullish breakout. Martinez suggested that the formation could propel SHIB to $0.000072323, representing a growth of almost 180%.
As of the latest update, SHIB is valued at $0.000026, having rallied almost 6% in the last seven days.
In summary, it’s worth noting that besides the underlying fundamentals, the two cryptocurrencies will likely be influenced by the overall market sentiment.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
