Despite the initial setback, the cryptocurrency market regained its bullish momentum in late October, with Bitcoin prices exceeding $70,000 for the first time in four months. As investor sentiment for the crypto bull market increases, these Ethereum rivals could represent the potential to turn a $1 investment into $1,000.
4 Ethereum rivals that could turn $1 into $1,000 in this bull cycle
The recovery at the end of October managed to restore market sentiment towards a potential bull market. Ethereum rivals like Solana (SOL), Cardano (ADA), Toncoin (TON), and Sui (SUI) are among the frontrunners as crypto investors seek assets with the potential for exponential returns. It is well-positioned and has the potential to turn a modest investment into a large one. profit.
Solana (SOL)
Solana (SOL) is recognized as one of the fastest and most scalable platforms among Ethereum rivals, and is known for its high throughput and low transaction costs. Solana price forecast for October shows strong momentum from $133 to $183, marking 37% growth.
With the price increase, SOL’s active addresses jumped from 3 million to 5.7 million, a 90% increase, according to TheBlock. This increase indicates heightened user activity on the Solana blockchain, which may strengthen the robust network and demand pressure.
If the buying continues, SOL price could break through the $185 barrier and end the seven-month comfort period.
Cardano (ADA)
Among Ethereum’s rivals, Cardano coin is considered the underperforming asset as it has consistently been in a downward trend since August 2021. However, the same trend does not exist for tradable assets, so ADA price shows significant upside potential.
According to Santiment Data, large Cardano holders with coin balances between 100 million and 1 billion have increased their accumulation to between 2.06 billion and 2.8 billion ADA since April 2024. Whale accumulation generally coincides with major market bottoms, explaining the potential for a major reversal in ADA.
As of this writing, ADA’s price is trading at $0.35, giving it a market cap of $12.38 billion.
ADA supply distribution | Santiment
Toncoin (TON)
In the midst of today’s cryptocurrency market, Toncoin price is trading at $4.98, down 0.8%, while maintaining a market cap of $12.7 billion. This momentum could send the asset down 7.8% and reach the $4.6 level, the support that has protected TON buyers since March 2024.
Furthermore, the supply of Toncoin on exchanges has decreased significantly from September’s peak of 2.56 million coins to the current 1.73 million coins. This 32% decrease in Toncoin held on exchanges signals a shift towards long-term holdings as fewer coins are available for immediate trading or liquidation.
Therefore, a decrease in selling pressure indicates that TON price is better positioned for a bullish reversal than a support break.
TON Exchange Supply | Santiment
Sui (SUI)
Over the past three days, SUI price has shown a remarkable reversal from $1.59 to $1.98, registering a growth of 24%. This bullish rebound from the 23.6% Fibonacci retracement level and the 50-day exponential moving average suggests a healthy correction and will help re-build the bullish momentum that was fading earlier.
Analyzing the 4-hour chart, we can see that this recovery has broken through the resistance trend line of the bullish flag pattern. If this pattern holds, SUI price will rise above $5.
SUI/USDTV-1d chart
conclusion
While the crypto market remains volatile, Ethereum rivals Solana (SOL), Cardano (ADA), Toncoin (TON), and Sui (SUI) are positioning themselves as strong competitors in the blockchain space. It is established. If a crypto bull market emerges, these projects could benefit greatly due to their innovative technology and expanding ecosystem.
Frequently Asked Questions (FAQ)
Cardano has been in a long-term downtrend since August 2021, but recent data shows that large holders (whales) are accumulating ADA
Solana is known as a top Ethereum competitor due to its impressive speed and low transaction costs, which are important for DeFi and NFT applications.
Toncoin exchange supply decreased by 32% from September to October, suggesting fewer coins are available for immediate sale.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where his passion for trading continues to explore opportunities.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
