Cryptos to watch are everywhere, or at least seem to be. Price volatility among some of the largest tokens in the world continues, as these digital assets remain hard to value. This reality is true whether we’re talking about $1 trillion market capitalization assets like Bitcoin (BTC-USD) or its smaller-cap peers. It’s this volatility that has constrained the total number of investors in this space for a long time.
The thing is, the long-term returns for many stable and growing crypto ecosystems speak for themselves. There are “make or break” assets in this space that have the potential for tremendous long-term growth and significant downside over certain periods. It’s this volatility that many focus on, but zooming out, it’s also clear that the long-term trends are generally in investors’ favor.
Investors should focus on three top cryptos to watch as long-term holdings in the make-or-break bucket.
Solana (SOL-USD)
For investors bullish on the future of decentralized finance, Solana’s (SOL-USD) high-speed and low-cost network provides a key catalyst worth considering. Currently, several technical factors are driving most of the momentum around this token, with Solana nearing a pivotal point at $133.77, likely deciding its immediate direction. Above, bullish sentiment; below, potential selling pressure. Many technical investors point out key resistance levels at $145.41, then $160.58 and $175.43, likely targets for buyers.
Speculation surrounds whether Solana will hit $200 in May. Recent data suggests a potential price reversal as SOL’s volume dropped during its decline, signaling a nearing end to the bearish trend. However, the high Funding Rate and decreasing RSI indicate the possibility of continued bearishness.
Over the past 24 hours, Solana faced increasing bearish sentiment, jeopardizing its May $200 potential. It dropped over 5%, continuing a 27% decline in 30 days. Despite worries, technical indicators offer hope for a Solana rally.
Avalanche (AVAX-USD)
Layer 1 blockchain Avalanche (AVAX-USD) dropped 2.9% over the past 24 hours to $34.18, reflecting a bearish trend and a market cap of $12.96 billion, with trading volume decreasing by 10% to $311 billion. Currently, this project has 378.2 million coins in circulation, with a maximum supply of 715 million.
However, AVAX remains stable, holding above support levels despite pullbacks, with RSI around 48, indicating potential stabilization and growth. In my previous crypto article, I stated that despite a 55% decline from $65 to $30 on April 13, rebounding to $38, AVAX remains profitable at 57.68%.
Aside from technicals, there are some unique factors investors are considering with this growth project right now. Recently, Avalanche announced integration with fintech Stripe, allowing more accessible wallet funding and digital asset purchases via the Core ecosystem wallet. Stripe now supports stablecoin transactions after previously avoiding crypto due to volatility.
John Egan, Stripe’s crypto head, initiated the collaboration with Avalanche to align the company’s goals with their aim of making web3 more accessible. Stripe will manage KYC, fraud, and compliance for this partnership. Avalanche investors expect the integration to attract more capital, increasing token prices over time.
Ethereum (ETH-USD)
Although Bitcoin has claimed 2024 to be its year, Cathie Woods argues Ethereum (ETH-USD) may be a better option. With a target market cap by 2032 of $20 trillion and over 120 million tokens in circulation, this could impose a $166,000 price per token. That is if the analysts get it right (and that’s very hard to do in this space).
With that price, six ETH tokens could amount to $1 million. Etherum’s market cap target amounts to $20 trillion, but experts also think it won’t happen that soon. Wood suggests that if Ethereum could offer more utility and adoption, it could increase its token price.
Ethereum is very advantageous for smart contracts, making it a top asset to have in the long term. Investors should focus more on this token than other crypto options for substantial gains.
On the date of publication, Chris MacDonald 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.
