There have been many exciting developments in the crypto market since the start of 2024, and many cryptocurrencies have been making major moves, with perhaps the biggest star of the most recent period being Ethereum (ETH) as it reclaimed $3,000 for the first time in almost full two years.
Indeed, nearly every week has brought some action that could have helped savvy crypto traders multiply their investments, and late February is no different.
In this context of high hopes that some milestones – long in the making, such as XRP’s expected surge to $2 – will be reached, but with risks of unexpected mishaps still high, Finbold decided to take a look at 3 cryptocurrencies well-positioned to help investors $100 into $1,000 as soon as next week.
Picks for you
Bitcoin (BTC)
As the world’s foremost cryptocurrency, Bitcoin (BTC) has again taken the lead in the most recent rallies. BTC made headlines twice in the initial weeks of the year, first due to the approval of nine spot Bitcoin exchange-traded funds (ETFs) and then as the leader of a $100 billion wipe that happened as the crypto market was adjusting to the newborn nine.
The cryptocurrency has since experienced a major surge. At approximately $52,000, it is again eyeing a surge toward its previous all-time highs – though it remains uncertain if Bitcoin will be struck by a major correction and a major buying opportunity before it restarts a bull run.
Finally, in approximately two months, BTC is likely to skyrocket as its newest halving event – an event that historically helped Bitcoin surge tenfold and, sometimes, hundredfold – is expected to take place.
Bitcoin price chart
Since 2024 started, Bitcoin has offered a fairly strong performance – barring the decline in the weeks immediately following the ETF approvals.
Year-to-date (YTD), BTC is up 17.19%. This trend is present in the more recent period as Bitcoin climbed 30.98% over the last 30 days, and the previous 24 hours of trading, however, saw it decline 0.17% to $51,763.60.
Bitcoin technical analysis
The technical analysis (TA) for Bitcoin, retrieved from TradingView on February 22, reveals that BTC is likely to continue rising as its overall rating stands at “buy.” Additionally, moving averages reveal that BTC is, at press time, particularly strong as they rate it a “strong buy,” though oscillators are neutral.
Solana (SOL)
Solana’s (SOL) recent performance has been drawing a lot of attention – and with good reason, given that it, in a matter of months, rose from about $20 to above $100. It has also recently seen a surge in network activity, and the meme coins on its blockchain have also been increasingly popular.
Even the Solana mobile team achieved success and sold out the inaugural Saga smartphone – largely due to a strange arbitrage opportunity offered by the presence of BONK tokens on each phone – and is now working on a new model.
Perhaps the most striking statistic showcasing Solana’s strength is the fact that its transaction volume surged above $1 trillion in January – meaning it had achieved a multi-year high in the first month of 2024.
Solana price chart
While undergoing a downtrend in January – along with much of the crypto market – Solana is, overall, 5.38% in the green YTD. Its more recent performance has also been fairly strong 21.23% up in the last 30 days, and it rose 2.55% on the latest day of trading. At press time, the price of SOL is $106.17.
Solana technical analysis
The technical analysis for Solana reveals that the token is likely to continue with its strong performance in the coming days and weeks. Overall, technicals provided by TradingView rate it as a buy, with oscillators being overall neutral but moving averages ranking it as a “strong buy.”
Avalanche (AVAX)
Recent months featured significant milestones for Avalanche (AVAX) as it not only saw its price surge in the Q4 2023 crypto market rally but also entered into multiple beneficial partnerships, with those with BLRD, a Web3 gaming company and Amazon’s (NASDAQ: AMZN) AWS cloud services arguably being the most important.
Avalanche is also currently in a high-risk, high-reward situation as its most recent trend has been one of decline and February 21 saw it wipe as much as $1 billion in a single day.
Avalanche price chart
Indeed, unlike Bitcoin’s and Solana’s, Avalanche’s 2024 volatility led it to decline 2.49% between January 1, and February 22. Despite this, and despite last week’s downtrend, AVAX is up 20.47% in the previous 30 days and the most recent 24 hours of trading saw it rise 1.25% to $37.60.
AVAX technical analysis
Looking ahead, Avalanche’s technicals show that the token is likely to rise in price, especially given that the major unlocking event – a big contributor to its recent downtrend – has passed on February 21. Overall, TradingView’s analysis rates it a “buy,” with oscillators being neutral but moving averages reading “strong buy.”
It is worth noting, however, that there is significantly more deviation for AVAX technicals depending on the exact time frame chosen that is the case with BTC and SOL as, while its weekly performance rates it as “buy,” the daily and monthly data leans more toward a neutral ranking.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
