Top 3 Coins to Watch this Week: SOL, LUNA, ADA

by Godfrey Benjamin,
Aug 31, 2021 10:51 AM.
in Ethereum News

Top 3 Coins to Watch this Week: SOL, LUNA, ADA

The resurgence in the global digital currency market has stirred a number of remarkable jumps in the prices of various altcoins, most of whom decouple from Bitcoin (BTC) to chart their own course. The push of the global market cap above the $2 trillion benchmark has seen unprecedented contributions from altcoins other than Ethereum (ETH).

Seeing the current blockchain upgrade and ecosystem activity, here are the top three digital currency picks with potentials for impressive leaps this new week.

Solana (SOL)

Solana is an outperformer, with an impressive price growth of 196.1% in the past month, a momentum that was sustained in the past week. The digital currency which sits on its own blockchain is currently trading at $93, down 2.9% in the past 24 horus. The price slump is not unexpected as the coin printed its All-Time High (ATH) of $97.66 earlier today amidst a growing demand for the SOL coin.

While the retracement is starring the bulls in the eye, there are expectations for incremental growth in the coming week as the Solana blockchain is currently witnessing a Non-Fungible Token (NFT) mania that is fueling the demand for the coin. With more digital artists choosing the Solana blockchain to mint their NFTs, the SOL token will continually be relevant as as such, the breaking of the $100 resistance level will not come as a surprise in the week.

Terra (LUNA)

LUNA is also a token that is favored by the current NFT mania as creators seek to switch from the Ethereum network and its expensive minting option. Trailing Solana, LUNA also printed its ATH of $36.61 today, as the token built on the growth 207.3% growth it has recorded in the past month.

At the current price of $33.97, it can be said that LUNA may witness a swift recovery, a move that will push it back in line towards a new price discovery. A target price of $45 in the medium to long-term cannot be ruled out.

Cardano (ADA)

Cardano (ADA) has climbed up the ranks and now sits as the third largest cryptocurrency by market cap. Currently changing hands at $2.87 atop a 1.4% surge in the past 24 hours, ADA now has a total market cap of $91.75 billion. The current positivity around ADA is fueled by the anticipated launch of Alonzo upgrade, a network provision that will permit smart contracts to be launched on the blockchain network.

With the emergence of Alonzo, the Cardano ecosystem will be expanded, placing incremental demand on the token. With a sustained buying pressure, we are bound to see an incremental growth in the price of Cardano, beginning in the coming week.