Altcoin
5 Tier 1 Altcoins to Buy for $1 Million Potential if Crypto Market Cap Reaches $5 Trillion
The cryptocurrency market is entering the peak of the 2024-2025 bull run. During this time of high volatility, consider purchasing Layer 1 altcoins that can turn small investments into million-dollar portfolios. Learn more about hidden layer 1 Altcoins to buy this could potentially grow your portfolio to seven figures if the cryptocurrency market capitalization reaches $5 trillion.
1. Altcoin to buy – Solana (SOL)
Solana has made waves in the crypto space thanks to its high throughput and low transaction fees. Its ecosystem is growing rapidly, with various decentralized applications (dApps) and projects being built on top of it.
Solana price The stock has been bullish over the past seven months, showing impressive resilience even as Bitcoin’s price plummeted in April.
With overall bullish market sentiment, SOL price is trending above the 50-day and 200-day simple moving average (SMA). A major support zone has formed at the $123 price level, which was previously a resistance level. The holder has already been tested twice and proved difficult to break.
SOL price recently broke out of a mini-range and rose to $189 before testing the top of the range again. SOL price needs to clear the key resistance at $210 to reach new yearly highs. Overall, Solana remains one of the strongest Layer 1 altcoins to buy for long-term growth.
2. Cardano (ADA)
Cardano is known for its scientific approach to blockchain development. Its recently launched smart contract functionality opens up new possibilities for decentralized finance (DeFi) and other applications.
ADA price action is trending below the 200-day SMA, which may concern investors. However, there is currently a major support structure around the $0.40 price level.
Cardano price is mostly in consolidation, with several resistance levels in sight. In a bull run scenario, Cardano it is known to run faster than most cryptocurrencies in the top 10 category.
Crypto analysts predict a potential bull run for ADA amid an increase in its trading volume. The network’s infrastructure has grown tremendously, surpassing 10 million native tokens, demonstrating Cardano’s growing adoption.
3. Avalanche (AVAX)
Avalanche aims to provide a highly scalable and customizable blockchain platform. Its consensus mechanism, Avalanche Consensus, allows for fast transactions and low fees. AVAX has attracted attention for its DeFi ecosystem and interoperability features.
AVAX Price it is in a mega-consolidation pattern, indicating a fight between bulls and bears. The lower end of the range has been tested six times in the last seven months, making it strong support for Avalanche’s price.
Going forward, AVAX will need to break out of the range to recover the previous highs. AVAX price surpassed $60 in mid-March during a general market rally, rising 141% in less than 2 months.
This price volatility foreshadows how much it could rise during the larger bull run. The DeFi and memecoin seasons on Avalanche have yet to be served, making AVAX a contender on the list of Tier 1 altcoins to buy.
4. NEAR Protocol (NEAR)
NEAR focuses on usability and developer-friendly features. It aims to make blockchain accessible for mainstream adoption. NEAR’s sharding architecture and low-latency transactions position it as a promising Tier 1 solution.
The low price represents a great buy-in opportunity. The price action is currently trading above the 50-day and 200-day SMAs, further confirming the bullish trend evident in the ascending triangle.
AS Price CLOSE nears the end of the ascending triangle, Near may be preparing for a massive pump. The last time NEAR broke out of a major chart structure, it rallied 693% to its current price of $7.7. NEAR is qualified to be one of the best Tier 1 altcoins to buy in 2024.
5. Algorand (ALGO)
The Algorand network emphasizes security, scalability, and decentralization. Its pure Proof-of-Stake (PoS) consensus ensures fast finalization and low power consumption. ALGO has gained traction in DeFi and asset tokenization use cases in the recent past, moving closer to greater retail usability.
ALGO price it is currently in one of the best buying areas. In fact, on this list, Algorand might be the best tier 1 altcoin to buy if you want to grow your portfolio to seven figures.
Algorand price is trending slightly below the 50-day SMA on the weekly chart. The price action is also at the bottom of a seven-month range, making it the best place to enter the market. Investors who add ALGO to their portfolio right now have the chance to earn over 14x if it revisits its previous all-time high price.
ALGO may encounter some resistance during its rally around $0.3 and $0.4, but the solid technology that the team has built ensures that the project remains relevant in the blockchain space.
Final thoughts
This list contains some of the best tier 1 altcoins to buy based on their technology, community, and adoption. Solana is a good community-based contender, but it is far behind Algorand when it comes to technology. When choosing tier 1 altcoins to buy, it pays to do your due diligence and this list is a good place to start.
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