The stratospheric rise of the Bitcoin (BTC-USD) and other cryptocurrencies at the end of this year, has led to the rise of cryptos with massive potential. These coins and tokens already had solid network fundamentals and use cases. Now is the best time to hop aboard these cryptos to buy. This article examines some of the more underlooked names besides the big-name brands. Some of the coins can also be scooped up at a discount.
With a Bitcoin ETF likely in the works sometime next year or very soon, the crypto market is poised to explode with new liquidity from both institutional and retail investors. These newcomers to the market will all be eyding these coins, too. Therefore, this is making the bull case stronger.
So, here are the best cryptos to buy for November.
Solana (SOL)
Solana (SOL-USD) has been recognized for its high throughput and low transaction costs. These factors make it a potential candidate for widespread adoption, especially in decentralized finance (DeFi) and decentralized applications (dApps).
Despite past associations with the troubled FTX, Solana has shown resilience. Solana more than doubled in value recently. The technical analysis suggests a bullish trend with the potential for further gains if it maintains support levels.
Investors are advised to watch for a confirmation of support above $40 for new buy-ins, aiming for a target of $50. It’s price action like this which makes SOL one of those cryptos to buy.
Polkadot (DOT)
Polkadot (DOT-USD) aims to enable different blockchains to transfer messages and value trust-free. DOT is sharing their unique features while pooling their security. The year 2023 has been a standout year for DOT. The main reason DOT is one of those cryptos to buy is due to the strength of its network fundamentals.
DOT has seen significant growth and development, with a surge in developer contributions reaching a peak of 19,090 on GitHub. Staking has grown by 49%, with Nomination Pools democratizing the process and attracting more than 15,281 members.
Furthermore, the integration with Circle’s USDC and the launch of the Rocco Testnet are set to improve liquidity, financial infrastructure and network performance.
There’s more in store for investors. I feel that DOT is just getting started when it comes to getting its network off the ground.
Chainlink (LINK)
Chainlink (LINK-USD) is a decentralized oracle network that aims to connect smart contracts with data from the real world.
LINK has been on another hot run out of these cryptos to buy. The coin is experiencing an uptrend with a current price increase to $11.40, up by 3.40%. It’s showing promising signs for a bullish rally based on key metrics, including a 1,012% surge in exchange net flow, indicating a high volume of LINK moving out of exchanges, potentially due to staking incentives.
Some crypto analysts predict that coins like LINK will undergo a significant rally. The expected upside quoted by some is as high as 100%. This anticipated move is expected as the United States Dollar Index shows signs of topping out, which could signal a favorable upcoming six months for risk assets like cryptocurrencies.
Also, as interest rates peak, we may see another “fight to safety” to other asset types, including crypto, as these risk-free yields dry up. Whether this thesis plays out exactly as intended is unknown, but LINK is definitely one of those cryptos to buy.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines
