Nothing is certain in the cryptocurrency market, but prices of most major assets have been holding their positions above key support levels in recent weeks. From now on, investors will watch if these tokens can rise above resistance levels, which seems possible for some. Crypto analyst Rahul Nambiampurath has identified 5 altcoins that offer opportunity, taking into account several factors, including positive technical developments, major news events, and noticeable changes in price.
The top altcoin WOO Network (WOO)
WOO Network (WOO) was last week’s top-earning altcoin project, up 53%. This was likely due to two main trends: the increase in the use of WOO Network’s protocol by investors following the collapse of FTX, a centralized exchange, often turning to DEXs such as those offered by WOO Network. His team reported a significant increase in active users last week. WOO Network is a crypto trading platform that offers both centralized and decentralized trading options. It also provides deep liquidity and tools and analytical dashboards for traders. WOO, which was about $ 0.021 last week, is trading at about $ 0.031.
Next up is the Render Token (RNDR)
Render Token (RNDR) was the next biggest earner of the week, up 47%, most likely due to the move to the Solana network. The altcoin has experienced significant developments in 2022, and the Solana migration is contributing to a continued increase in the beginning of the second quarter of 2023. Render Token offers a decentralized GPU rendering system that provides broader access to complex rendering processes. The project has benefits in industries such as media, gaming, virtual reality and medicine. RNDR, which was $1.30 last week, is currently changing hands around $1.92.
The third altcoin on the list is Arbitrum (ARB)
Ethereum scaling solution Arbitrum (ARB) also posted a significant increase, with a 38% rise, probably due to the accumulation and increased market share of Arbitrum whales. Whales, an industry term for large token holders, have purchased large volumes of ARBs over the past week. According to crypto research firm Messari, Arbitrum also outperformed Optimism, another scaling solution, gaining some of Optimism’s market share. Arbitrum is a Layer-2 scaling solution for Ethereum that provides better performance for users. The altcoin is changing hands at around $1.63 and was trading at $1.18 last week.
Rocket Pool (RPL) also managed to enter the list
The token price of Ethereum staking solution Rocket Pool (RPL) has increased by more than 32%, possibly due to the success of Ethereum’s Shapella upgrade. cryptocoin.comThe Ethereum Shapella upgrade you’re following combines changes in execution layer (via Shanghai upgrade), consensus layer (Capella), and Engine API. The changes allow users to remove their ETH from the network. Rocket Pool is a staking solution for Ethereum and has grown in popularity over the past year. It provides easier access to Ethereum staking as it eliminates the need to hold 32 ETH to participate in the staking process. The price of RPL jumped from about $45.40 to $58.50 last week.
The latest altcoin Ethereum rival Solana (SOL)
Solana (SOL) is up more than 25% after its team announced the launch date for the Solana Android mobile. The phones have been eagerly awaited since they were announced in mid-2022. The phones will sell for around $1,000 and new order registrations will begin on May 8. Pre-orders will begin shipping on April 20. The altcoin, which was around $20.30 last week, is now trading around $25.20.
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