Solana Altcoins to Rebound as Ecosystem Expands with $5.01 Billion TVL

SOL, the native cryptocurrency of the Solana ecosystem, witnessed a fresh correction wave amid the recent market sell-off. The bearish momentum spread to

As the recent market sell-off continues, SOL, the native cryptocurrency of the Solana ecosystem, has experienced a fresh wave of correction. This bearish momentum has also extended to Solana altcoins, presenting potential dip opportunities for sidelined buyers.

With the Solana ecosystem expanding and attracting capital, as evidenced by a 31% increase in Total Value Locked (TVL) to $5.01 Billion, these altcoins could benefit from the growing user adoption of Solana's decentralized applications (dApps).

Here's a closer look at three promising Solana altcoins that may be poised for a rebound:

Dogwifhat (WIF)

Over the past five months, the Solana-based meme coin Dogwifhat has undergone a gradual correction, forming a wedge pattern.

Amid declining market conditions, WIF's price activity within this pattern has seen a significant drop of 67%, falling from $4.86 to $1.5, while its market cap has also decreased to $1.58 Billion.

However, as the price approaches the apex of the wedge pattern, substantial whale accumulation is observed. This buying pressure could indicate a potential reversal.

With sustained buying, Dogwifhat may experience a 22% rally, leading to a breakout from the overhead trendline and presenting an opportunity for further price appreciation.

Jupiter (JUP)

Among Solana altcoins, the price movement of the Jupiter coin closely resembles the consolidation experienced by SOL over the past five months.

Currently, JUP is trading at $0.79 with a market cap of $1.078 Billion. If the market correction persists, sellers may drive an 11.5% fall, retesting the seven-month support of the ascending trendline.

Interestingly, despite the broader market correction, data from Defilama shows a substantial increase in total value locked (TVL) in Jupiter, reaching a peak of $1.125 billion during August. This growth in capital commitment suggests increasing confidence and utilization of Jupiter's platform.

Pyth Network (PYTH)

In recent press release, the Pyth Network announced the integration of its price feed infrastructure into Soneium, a newly launched blockchain initiative by the Sony Group. This marks Pyth's debut as the first oracle provider for the network.

Amid this report, PYTH managed to stall market selling pressure and stabilize above the $0.26 support, offering a bullish outlook.

Moreover, data from Coinglass reveals a positive funding rate of 0.0064% for PYTH in the perpetual futures market. This positive value indicates a premium paid by traders to hold a long position in the asset, suggesting their anticipation of an upcoming recovery.

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