Ethereum Rival To Buy Rivals Highly Coveted by Coin Collectors

Investors anticipate a major rebound in Ethereum price with the spot ETF approval imminent. Despite the recent correction to $3,300 this week, cryptocurrencies to buy show potential to rally in the coming months. Moreover, select Ethereum rivals to buy including Solana (SOL) and Binance Coin (BNB) flaunt vivid buying opportunities in July.

Ardent coin collectors are unlikely to be looking for the newest coins which tend to rally to new highs before crashing with only a handful recovering to match their all-time highs. Such coins prove that “all that glitters is not gold” and call for caution and restraint.

The approval of Ethereum ETFs would be a major factor contributing to the bull market of 2024. Like Bitcoin price, Ether might explode to new all-time highs.

Nevertheless, Ethereum rivals like SOL and BNB are worth adding to most crypto portfolios. Solana is heavily discounted at $141 considering its Q1 peak of $206. The correction in Q2 also impacted BNB, resulting in the pullback to $556 from above $700.

1. Solana – A Competitive Ethereum Rival To Buy

Solana price dropped by 0.4% in the last 24 hours to trade around $148 during European business hours on Wednesday. This small regression in price is overshadowed by the 8.3% surge in price Solana experienced in the past week, caused by the prospect of Solana ETF filings.

Zooming out, the SOL price is currently in a descending channel, which is generally not a bullish chart pattern. However, if the 32% chance of a breakout to the upside happens, it is usually explosive and aggressive.

Over the past week, the Solana ecosystem has been abuzz with news of VanEck and 21Shares filing for a Solana ETF with the U.S. SEC. This is the first ever Solana ETF and if it gets approval, the SOL price may rise to $1000 easily.

Solana joins Bitcoin and Ethereum in the list of ETFs filed with the SEC. The crypto community speculates whether there could be more ETF filings coming, with Cardano, XRP, Algorand, and Chainlink being at the top of the speculation list.

2. Binance Coin (BNB)

Over the past week, BNB price has seen market fluctuations, with bulls and bears continuously vying for control. Despite these oscillations, the underlying momentum is leaning slightly toward the bears, with a decrease of 4% in its price.

If a renewed surge in buyer interest occurs, BNB’s value might surpass the $580 resistance level, signaling a resurgence of bullish activity and potentially leading the cryptocurrency toward a $590 mark. BNB could soon challenge the $600 resistance if this upward movement persists, hitting ATH.

Conversely, increasing bearish pressures could push BNB to the $550 support level. Continued seller dominance might drive the price further down to the $530 zone, signaling a potential downturn in market conditions.

Frequently Asked Questions (FAQs)

1. Has Ethereum bottomed?

Ether shows signs of bottoming out in the short term with support at $3,200. However, it is difficult to pinpoint the floor price suggesting investors should follow the trend closely.

2. Will the SEC approve a spot Solana ETF?

It is too early to tell if Solana will get a spot ETF. On the bright side, two companies have sent proposals, seeking approval including VanEck.

3. Why bother with Ethereum rivals in 2024?

Crypto projects competing directly with Ethereum like Solana and Binance Coin have the potential to rally and hit unprecedented levels as their use cases increase backed by low transaction fees, scalability and high speed.

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