In the past 24 hours, several cryptocurrencies have made attempts to recover from recent losses, driving renewed interest in certain altcoins. Among the top trending altcoins today is a newly launched asset whose project recently introduced its Mainnet altcoin and has quickly gained traction in the market
Notably, the other two, according to CoinGecko, include a popular altcoin with a lot of market interest and a privacy-based cryptocurrency.
Vector Smart Gas (VSG)
Vector Smart Gas is a recently launched layer-1 network on the Ethereum blockchain that focuses on decentralized Finance (DeFi) and Real-World Asset (RWAs) tokenization. Its native token, VSG, is one of the altcoins trending today, mainly because of its price increase.
In the last 24 hours, VSG’s price has increased by 49% and cumulatively 550% in the last seven days. This development could also be linked to the notion that the token is trending on TikTok— making demand higher.
At press time, VSG’s price is $0.0044. Furthermore, the daily chart shows that the Moving Average Convergence Divergence (MACD) is positive, indicating that the momentum around the altcoin has remained bullish.
Should this remain the case, then VSG’s price might climb much higher. However, if momentum becomes bearish, that might not happen. Instead, the altcoin’s value could decline to the $0.0018 support.
Tornado Cash (TORN)
As mentioned above, Tornado Cash is a privacy-focused cryptocurrency that is part of the trending altcoins today. But besides that, Tornado Cash scored a very huge victory after a US appeal court ruled against the Treasury Department.
As a result, TORN’s price climbed by 396% in the last 24 hours. As of this writing, it is $17.86. According to the daily chart, the volume around the cryptocurrency has also surged, suggesting widespread interest in the token.
As long as the volume increases, the altcoin’s price could climb as high as $39.41. However, if the cryptocurrency holders take profits, this could change, and the altcoin might drop to $12.24.
Solana (SOL)
Last on the list is Solana, one of the best-performing altcoins of the last year. However, unlike TORN and VSG, SOL is not trending because its price has increased. In fact, the token’s value has hovered around $235 within the last 24 hours.
On the daily chart, the Parabolic Stop And Reverse (SAR) indicator has risen above SOL’s price. The Parabolic SAR is a technical indicator that spots support and resistance.
When the price is above the indicators, there is strong support, and the price can increase. But since it is below it, Solana’s price faces resistance. Should that remain the case, then SOL could drop to $219.63.
On the other hand, if the altcoin sees a rise in buying pressure, the trend might reverse. In that case, SOL could rise to $264.33.
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