Should traders buy trending altcoins CAKE, WAVES, MANA, SOL
The trend of rallying altcoins like Pancake Swap, Waves, Decentraland and Solana has made it possible for traders to make double-digit returns on their portfolio within a few weeks.
Traders and analysts have identified that there are more profits to be made on capitalizing on new projects rather than ones that have rallied through previous bull runs. This is one of the reasons why top altcoins like CAKE, WAVES, and SUSHI are trending.
Waves’ new trading exchange is getting launched; there are more updates awaited on the platform and android app. These developments have increased demand for Waves across spot exchanges. Price is up 15.68% in the past 24 hours; trade volume is up over 100%.
WAVES market cap is currently $1.59 Billion. After hitting ATH of $19.45 on 9 April 2021, the price is now rallying towards $17.5. WAVES has offered over 20% return in the past week to traders’ portfolios. The trend emerging on the WAVES chart signals further bullish momentum and price hike in the coming week.
WAVES Price chart || Source: Coinmarketcap.com
Another trending altcoin Pancake Swap recently had the biggest cake burn ever on 19 April 2021. The price has responded to the burn across spot exchanges, with the asset now trading at $28 level.
Since CAKE is the native token of PancakeSwap DEX, it is built on Binance Smart Chain (BSC) where traders swap BEP-20 tokens. There is no fixed supply cap for CAKE and there is a fixed issuance. The effective emission per block currently stands at 22 $CAKE tokens, and 55% is distributed to farms and lottery, and 45% is distributed to syrup pools. With increasing trade volume across exchanges, the token’s price is increasing steadily based on the chart.
Pancake Swap Price Chart || Source: Messari
Based on the above chart, a trend has emerged in Pancake’s price rally. There are altcoins that aren’t trending right now, however, that may change over the course of this week. Decentraland MANA is one of them. The trade volume for MANA is up over 50% and the price has dropped 8%. The drop in price has brought MANA to the consolidation zone and traders are currently buying the altcoin before the trend becomes more popular.
SOL’s price is up nearly 10% in the past 24 hours, despite the dropping trade volume. This signals a bullish sentiment and concentration by large HODLers. SOL’s market capitalization is up nearly 10% and this is a positive sign for traders jumping on the SOL trend this week. Based on the price chart, the altcoin may rally to the ATH of $36. These trends have made it profitable for retail traders in the current bull run.
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