Most major cryptos declined on Wednesday as US equity markets sold off amid concerns about what rising US bond yields mean for the US economic outlook, though Solana (SOL) and many of its major ecosystem tokens performed well and could rank as the best crypto to buy now.
Bitcoin (BTC) was 1.6% in the past 24 hours to the mid-$66,000s and Ethereum (ETH) was down close to 5% in the $2,500 region, per CoinMarketCap.
But Solana was able to shrug off the bearishness rising 2.4% to return to the $170s.
On-chain activity on Solana is booming as meme coin trading activities ratchet up once again.
Per DeFi Llama, DEX volumes on Solana were above $2 billion for the last four days and in a growing trend.
Solana is thus a strong candidate for best crypto to buy now.
Its strong network growth comes with the US economy potentially in a goldilocks environment (continued growth as the Fed lowers rates) and ahead of a possible US Presidential election victory by pro-crypto ex-President Donald Trump.
SOL could soon challenge its 2021 record highs in the $260 region once again.
But some of its major ecosystem tokens, that are smaller and have a higher beta, could significantly outperform SOL.
Here are some strong candidates for best crypto to buy now.
Are These Solana Tokens the Best Crypto to Buy Now?
One of Solana’s biggest DEXs Jupiter (JUP) is leading the charge on Wednesday.
JUP was up 6% on Wednesday per TradingView and has surged back to the north of $1.0.
In wake of a strong break above its 200DMA and recent highs in the $0.95 region, JUP’s rally could be about to go into overdrive.
If a new meme coin season is around the corner, JUP could soon retest its March highs in the $1.90s.
That makes it a strong candidate for best crypto to buy now.
Leading Solana meme coin dogwifhat (WIF) is another strong performer, gaining 3% after bouncing from its 200DMA, per TradingView.
Bulls will be hoping that bounce marks the start of a new push back towards yearly highs in the $4.80s.
The final Solana coin worth mentioning today is Popcat (POP).
While only up around 0.5% in the past 24 hours, per CoinMarketCap, POPCAT remains in a very promising uptrend.
It has consistently found strong support at its 50DMA in recent weeks, and could be about to launch back to fresh record highs.
All of the above-noted coins could post 3-5x gains over the next year or so, but some investors will be targeting more upside than this.
And the best way to bag 20x+ gains in crypto is to get into new projects before they go mainstream.
Analysts at Cryptonews.com have compiled a list of some of the best new Solana meme coins to consider getting involved in.
11 Best Solana Meme Coins to Buy in October 2024
The post Best Crypto to Buy Now October 23 – Jupiter, dogwifhat, Popcat appeared first on Cryptonews.
