Solana price has done well this year, soaring to a high of $223.50 on Tuesday, its highest level since December 2021. SOL has jumped by over 2,800% from its current level in 2023, making it one of the best-performing altcoins in the industry.
The challenge, however, is that Solana has become an unaffordable cryptocurrency to most retail investors. This article looks at some of the best altcoins to buy that are SOL alternatives.
Sui | SUI
Sui is one of the top Solana alternatives to consider invest in before it gets highly expensive. The token has jumped to $3.1, up by over 3,400% from its lowest level this year, giving it a market cap of over $8.9 billion.
Like Solana, Sui is a layer-1 blockchain network that makes it easy for developers to create quality decentralized applications (dApps) in industries like non-fungible tokens (NFT) and decentralized finance (DeFi).
Data shows that Sui’s ecosystem has been growing at a fast pace in the past few months. For example, Sui has become the seventh-biggest player in Decentralized Exchange (DEX) processing. Its DEX networks handled over $2.19 billion in the last seven days, making it bigger than popular names like Polygon, Mantle, and Optimism.
Sui has also become the eighth-biggest player in the Decentralized Finance (DeFi) industry with over $1.34 billion in assets.
Additionally, Sui has strong technicals. As shown below, the token has moved above all moving averages. It has also flipped the important resistance level at $2 into a resistance. This was a notable level, which was the upper side of the cup and handle pattern that was forming. Therefore, there are rising odds that SUI price will soar to $10 in the coming months.
Aptos | APT
Aptos is the other popular altcoin to buy that is a Solana alternative. It is a layer-1 network that is part of the Binance launchpool.
Aptos, like Solana and Sui, is a layer-1 network that forms as a foundation for developers across industries like DeFi and NFTs.
It has attracted 49 decentralized applications in the DeFi industry, giving it a total value locked of over $1.07 billion. It also has $254 million in stablecoin assets. Aptos DEX networks handled over $238 million in DEX volume in the past seven days.
Aptos also has strong technicals. It has jumped above the 50-day moving average and moved between the 50% and 61.8% Fibonacci Retracement level. Therefore, the APT token could jump by over 51% to almost $20.
Injective | INJ
Injective is the other altcoin to buy. Backed by Panterra and Mark Cuban, it is a layer-1 network that aims to become a major player in the DeFi industry.
It has a total value locked of $50 million and has attracted some notable projects like HYDRO, Helix, Dojoswap, and Neptune Finance.
Injective’s case is mostly based on technicals. As shown below, the INJ token bottomed at $13.65 on August 5 and has rallied to $26, its highest level since July 22.
The INJ token has moved above the 50-day and 100-day moving averages and the key resistance level at $24.87, its highest swing on October 1.
Injective has moved to the 50% Fibonacci Retracement level. Therefore, there is a likelihood that the INJ token will bounce back and surge to the next key resistance point at $52.95, its highest point on March 14, which is 100% above the current level. There are many other altcoins to buy. For example, we explained why Avalanche could do well amid rotation from SOL to AVAX in the coming days. Other notable ones are Polygon POL, Cronos, Scroll, and CORE.
The post Best altcoins to buy in this crypto bull run: Solana alternatives appeared first on Invezz
