There are signs that the crypto bull run is here, with Bitcoin slowly approaching the important resistance level at $120,000 and the Fear and Greed Index rising. This article explores some of the top altcoins to buy and ride the wave this year.
Best altcoins to buy as the crypto bull run continues
The best altcoins to buy and take advantage of the ongoing crypto bull run are those that combine strong technicals and fundamentals.
The most notable ones are altcoins like Hedera Hashgraph (HBAR), Ripple (XRP), and Solana (SOL).
Hedera Hashgraph (HBAR)
Hedera is a top Made-in-USA cryptocurrency project that operates a layer-1 blockchain that has faster speeds and lower costs than Ethereum and Solana.
It is widely known for the top companies in its governance council, which include firms like Google, IBM, and Ubisoft.
The coin has two main catalysts that will boost its price in the ongoing crypto market bull run. First, the Securities and Exchange Commission (SEC) is considering a spot HBAR ETF and will make its final decision later this month.
Second, the HBAR price has some of the best technicals in the crypto industry. As the chart below shows, the coin has formed a bullish flag chart pattern, which is made up of a vertical line and a descending channel.
Most importantly, Hedera price is in the second phase of the Elliot Wave pattern. This phase is characterized by a pullback, which settles at around the 61.8% Fibonacci Retracement level.
It is then followed by the third phase, which is usually the most bullish. Therefore, the most likely outcome is that the coin stages a strong comeback and hits its November highs.
Still, the main risk for the HBAR price is that, like Cardano, it has a fairly small ecosystem. It has been shrugged by top crypto projects like Aave and Uniswap.
Ripple (XRP)
XRP is another top crypto to buy because of its strong fundamentals and technicals. Its main fundamental is that the Securities and Exchange Commission (SEC) will likely approve several spot XRP ETFs later this month.
There is a robust demand for XRP tokens on Wall Street. A good example of this is that the recently-launched XRPR ETF has already accumulated over $75 million in assets in less than two weeks.
The other main catalyst for the XRP price is that the network is gaining market share in the stablecoin industry. Recent data shows that the RLUSD stablecoin has gained over $790 million in assets under management (AUM).
The XRP price also has strong fundamentals. As the chart below shows, the coin has formed a cup-and-handle pattern, a falling wedge, and, like HBAR, is in the second phase of the Elliot Wave pattern.
Solana (SOL)
Solana is another top crypto to buy and ride the bull run.
It has several catalysts that will drive it higher in the coming weeks. First, like HBAR and XRP, it will have spot SOL ETFs if the SEC approves funds by companies like Canary and BitWise.
Second, the coin will benefit from the upcoming Alpenglow that will boost its performance in the long term. Alpenglow will increase its transactions per second (TPS) and make it more efficient. It is common for cryptocurrencies to rally ahead of a major upgrade.
Finally, technically, the coin has formed a giant megaphone pattern on the daily chart. An ascending and divergent trendline characterises this pattern and often leads to further gains.
In this case, the coin will jump to the ultimate resistance level at $250, followed by the all-time high of $295.
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