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3 Cheap Cryptos That Could Make You Rich On the Rebound


  • Although the crypto market has declined in the near term, there is substantial long-term potential.
  • Polygon (MATIC-USD): Its zkEVM technology makes it the top layer-2 scaling solution.
  • Solana (SOL-USD): Developers are finally starting to turn their attention to its stability issues.
  • Filecoin (FIL-USD): Filecoin’s FWS is a cheaper and more private alternative to centralized peers like AWS.
cheap cryptos to buy on the rebound - 3 Cheap Cryptos That Could Make You Rich On the Rebound

Source: Wit Olszewski / Shutterstock

The crypto market’s momentum has slowed in recent weeks due to Bitcoin’s (BTC-USD) rejection at the $30,000 resistance level and the containment of the banking “crisis.” Furthermore, market volatility could be returning as the Federal Reserve has shown no indication of pausing the rate hikes as core CPI is yet to cool off. Thus, another shift to safer assets could put cyclical cryptocurrencies in peril in the near term, which could be beneficial  for investors looking for cheap cryptos to buy, as they could catch them on a rebound.

Looking at the longer term, however, it is hard to see the wider crypto market’s growth trajectory being disrupted. Rate cuts will inevitably be at play either later this year or earlier next year, while a Bitcoin halving will happen sometime in Q1 2024.

I believe the aforementioned catalysts will likely spur a future rally. Thus, here are three cheap cryptos to buy before the rebound happens:

MATIC-USD Polygon $0.84
SOL-USD Solana $19.91
FIL-USD Filecoin $4.31

Polygon (MATIC)

A phone, on top of a laptop keyboard, displaying the logo for Polygon. Polygon Price Predictions
Source: sdx15 / Shutterstock.com

Polygon (MATIC-USD) is a project that enhances the Ethereum (ETH-USD) blockchain with layer-2 solutions. These solutions make transactions faster, cheaper and more secure by processing them on a separate network and then settling them on the main Ethereum blockchain. Polygon stands out from other layer-2 projects because of its zkEVM technology, which allows Ethereum developers to migrate their applications to Polygon without changing any code.

Developers can also benefit from the zero-knowledge proofs that ensure privacy and security on the network and the support for various scaling techniques such as Plasma, ZK Rollups, Optimistic Rollups and Validum Chains, making it more interoperable and flexible. I believe Polygon is a decentralized and developer-friendly project that could become a key component of the Web 3.0 ecosystem and increase the value of MATIC and ETH. It is a pure tech play to buy on the rebound.

Solana (SOL)

Solana logo on phone screen stock image. Solana price predictions.
Source: sdx15 / Shutterstock.com

While I have been bearish on Solana (SOL-USD) due to its rampant network outages and centralization issues, I believe it is becoming compelling at this price range. That’s mostly due to the fact that Solana’s developers have finally acknowledged that the instability of their blockchain is a critical issue that needs to be fixed in 2023.

Furthermore, Solana has been successful at capturing Web 3.0 market share from Ethereum, especially when it comes to non-fungible tokens (NFTs). Solana is currently home to 14% of the NFT market volume. I believe this market share can substantially increase when the market rebounds, as the Ethereum network will likely be congested during rallies.

Solana is the most well-known and popular option for developers migrating out of Ethereum right now, and I don’t expect that to change during the next rally.

But again, I would reiterate that rampant outages are unheard of for blockchains of this size. In fact, they shouldn’t exist at all for any truly decentralized network. Thus, you should be cautious if you’re planning to put a significant amount of money into Solana.

Filecoin (FIL)

Filecoin (FIL) logo on a copper-colored coin that sits on top of a circuit board
Source: knipsdesign/shutterstock.com

Although Filecoin (FIL-USD) has declined in value recently, it is an excellent long-term pick. The cloud industry is showing signs of growth recovery and this growth can spill over into blockchain projects in the future.

Filecoin’s decentralized cloud storage is much cheaper than its centralized peers, and once institutions and individuals are comfortable with the idea of storing their data on the blockchain, this project could be among their top picks.

Indeed, the project’s developers have realized the opportunity here. In late April, they released the open-source Filecoin Web Services (FWS) to compete with AWS, Azure, and Google Cloud. I believe there’s great potential here since FWS is much less expensive, and users don’t have to worry about privacy or censorship.

On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on LinkedIn.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/3-cheap-cryptos-that-could-make-you-rich-on-the-rebound/.

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