Top Cryptocurrencies to Buy Now: Ethereum, Solana, and Shiba Inu Poised for Major Gains

The cryptocurrency market has a unique ability to filter out weak hands and reward those who hold their positions patiently. Investors who buy during market downturns are often seen as “smart money,” focusing on selecting cryptocurrencies with the potential for substantial returns, sometimes up to 100x. Currently, tokens such as Shiba Inu (SHIB), Solana (SOL), and Ethereum (ETH) fall into this category, though thorough research is crucial before investing in digital assets. This article explores some promising tokens poised to reach new highs as the bull market approaches.

The recent approval of spot Ethereum ETFs has rekindled buyer interest. Simultaneously, Bitcoin’s price has remained above $70,000 for the first time since it surged to $72,000 last week. Ethereum has positively responded to the market sentiment surrounding the ETF approval news.

With most cryptocurrencies showing gains, the total market value could soon hit $3 trillion. At the time of writing, the market cap is $2.77 trillion, according to CoinGecko data. As prices rise, the key question for investors is which cryptocurrencies to buy before the bull run. This article will explore some potential projects with the promise of at least a 50X return on investment. Investors should conduct their own research and due diligence before choosing which coins to add to their portfolios.

1. Cryptocurrencies To Buy – Ethereum (ETH)

Currently, the price of ETH is $3,938, marking a 2.2% increase over the past 24 hours and a 25% increase over the past week. The asset continues to exhibit bullish tendencies amid the Ethereum ETF news hype.

Ethereum’s price outlook remains positive. The recent price surge was modest compared to what was anticipated. Unlike Bitcoin’s significant rally following its ETF approval, Ethereum might still have more room to grow.

Technical analysis indicates that in upward breakouts, the highest peak in the pattern (Point A) serves as the price target. Ethereum’s price has broken out of the falling wedge pattern but has not yet reached Point A. This implies that Ethereum could see another 4-6% increase before hitting this target.

Ethereum’s dominance in the market has also grown significantly after the recent price spike. With a 21% increase, ETH now holds over 18% dominance in the overall crypto market.

2. Solana (SOL)

Over the last month, Solana’s price has surged more than 22%, driven by positive market sentiment. This momentum has been further fueled by a surge in Solana-based meme coins like WIF, BONK, BOME, and POPCAT, boosting investor enthusiasm.

In the past seven days, Solana has seen a slight 6.72% decrease after a period of relative stability. This minor dip reflects broader market fluctuations and growing investor uncertainty. However, the recent price recovery indicates that Solana’s value is resilient and shows potential for a rebound.

With the recent price recovery, Solana is displaying bullish momentum. If the bulls manage to push the price past the $170 resistance level, it could pave the way for further gains. Breaking this barrier might propel SOL towards the next key resistance at $190, and sustaining this upward trend could lead to an ambitious attempt to breach the $200 mark.

3. Shiba Inu (SHIB)

Shiba Inu is currently leading in all three bull market indicators: the 200-day, 50-day, and 20-day Exponential Moving Averages (EMAs) (represented by the purple, red, and blue lines on the chart).

The Moving Average Convergence Divergence (MACD) indicator has moved into the positive region, reinforcing the bullish outlook. If the blue MACD line remains above the red signal line, the path of least resistance will continue upwards.

Overcoming the immediate resistance at $0.000026 could attract more buyers to SHIB, driven by FOMO (fear of missing out) as reflected in the crypto fear and greed index. This could potentially push the price above $0.00003, bringing the next target at $0.000035 within reach.

Bottom Line

Identifying which cryptocurrencies to buy in May is crucial for every investor. Investing in projects like Ethereum, Solana, and Shiba Inu could result in substantial returns. Should Bitcoin rise to $100,000 in 2024, some of these tokens could increase by 50x, significantly enhancing investors’ fortunes.

Thorough research and due diligence are essential when selecting cryptocurrencies. Ethereum, Solana, and Shiba Inu are currently strong contenders with significant growth potential. By carefully considering these options and staying informed on market trends, investors can make strategic decisions that align with their financial goals.