Crypto prices have started the month on a strong note, with Bitcoin eyeing the crucial resistance point at $100. Solana price is also doing well and is on track to rise for four consecutive weeks. This article explores the top cryptocurrencies to buy as SOL targets $500 long-term.
Solana Price Has Catalysts to Push It to $500 in the Long Term
Solana has been one of the best-performing cryptocurrencies as its native token, SOL, surged from $0.04 in April 2018 to $150 today, a 374,900% surge since its inception. While a similar surge is unlikely, there is a likelihood that the coin will jump by 235% and hit the psychological point at $500 in the coming months.
The first catalyst is that Solana is seeing substantial staking demand from investors. Data shows that the network had over $756 million inflow in the last 30 days, bringing its total staking market cap to $58 billion. This increase was higher than Ethereum’s $117 million inflows.
Staking investors are interested in Solana’s 8.8% yield, higher than most popular yield assets. For example, the popular Schwab US Dividend Equity ETF, which has over $70 billion in assets, yields about 3%.
Solana is also seeing increased institutional demand as companies like Strategy and MetaPlanet attempt to replicate success. These firms have seen their market cap surge because of their investment in Bitcoin. Upexi, a blockchain company, Sol Strategies, and Janover have all revealed plans to invest in Solana.
Further, the Securities and Exchange Commission (SEC) reviews ETF proposals by companies like Franklin Templeton, Grayscale, and Canary. Polymarket odds that these ETFs will be approved have soared over 80%.
Better still, the Solana invested in these funds is likely to be staked, generating regular returns to holders. JPMorgan estimates that Solana ETFs will attract at least $6 billion in inflows in the first year.
Further, Solana is one of the best cryptocurrencies to buy due to its growing market share compared to Ethereum. It is beating Ethereum in most metrics. For example, Solana handled over 408 million transactions in the last seven days, while Ethereum handled 8.6 million. It has generated over $406 million in fees this year, surpassing Ethereum, which has yet to exceed $250 million.
Solana Price Cup and Handle Signals a Surge to $500 is Coming
On top of its strong fundamentals, Cardano is one of the best cryptocurrencies to buy because it has formed a giant cup and handle pattern on the weekly chart. The upper side of the cup is at $260, while its depth is about 97%.
The recent Solana price retreat is part of the handle section. Therefore, it is likely to bounce back in the coming months. A break above the cup’s upper side will point to more gains, potentially $500. This target is estimated by measuring the 97% distance from the cup’s upper side.
Best Crypto to Buy: CartelFi
In addition to Solana, CartelFi is another emerging crypto to buy as it gears up for its public debut. CartelFi has already gone viral in its presale as it raised over $1.4 million within a few weeks, making it one of the top presales of the year.
CartelFi’s performance is largely attributed to one key aspect: it is the first decentralized finance protocol focusing on meme coins. This is a significant market opportunity considering the meme coins’ market cap of over $60 billion.
Meme coins in the Solana ecosystem have gained a market cap of $11 billion. Even Donald Trump has become a big player in the meme coin industry.
CartelFi’s success is also based on its innovative features, including the “earn and burn” deflationary tokenomics system. All fees generated in the network will be used to buy CARTFI tokens, with 50% of those bought being incinerated. This will make it a deflationary cryptocurrency from the word go.
Acquiring a blue-chip crypto coin in its presale can be highly rewarding. Consider a token like Solana, whose Initial Coin Offering (ICO) priced it at $0.22. Today, a coin trades at $150. Cardano’s ICO priced the token at $0.0024, growing by over 29,000%. While not guaranteed, CartelFi can offer such a return. Hurry up and buy CartelFi token here.
