Traders Look For Big Gains On Altcoins As Bitcoin Price Consolidates

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Optimism in the cryptocurrency ecosystem continues to grow on August 16 as several altcoins post double-digit gains and Bitcoin (BTC) bulls defend the $ 46,000 support level.

Data from Cointelegraph Markets Pro and TradingView shows that the biggest winners in the last 24 hours have been Solana (SOL), Presearch (PRE) and Arweave (AR).

Top 7 parts with the highest price variation over 24 hours. Source: Cointelegraph Markets ProSolana hits new all-time high

In the past 24 hours, the price of SOL has climbed to a new high of $ 69.13 as enthusiasm for Mango Markets’ new decentralized exchange (DEX) protocols has helped increase demand for SOL.

Cointelegraph Markets Pro’s VORTECS data began to detect a bullish outlook for SOL on August 11, ahead of the recent price hike.

The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and Twitter activity.

VORTECS score (green) compared to the SOL price. Source: Cointelegraph Markets Pro

As shown in the graph above, Solana’s VORTECS score crossed into the green zone on August 10 and peaked at 77 on August 11, about 4 days before its price rose 62% the next day.

Pre-research pushes higher

The Presearch Project is a blockchain-based search engine that is powered by the community and features a decentralized search engine that allows users to search privately and rewards them for their activity.

Cointelegraph Markets Pro’s VORTECS data began to detect a bullish outlook for PRE on August 14, ahead of the recent price hike.

VORTECS score (green) compared to the PRE price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS score for PRE climbed into the green zone on August 13 and peaked at 70 on August 14, about 26 hours before the price climbed 102% the next day.

Arweave wins 32%

Arweave is a decentralized storage network that uses a new type of storage that backs up data with lasting and perpetual endowments that allow users and developers to store data forever.

According to data from Cointelegraph Markets Pro, AR market conditions have been favorable for some time.

VORTECS score (green) compared to the AR price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS score for AR was in the green for most of last week and peaked at 72 on August 14, about 30 hours before the price rose 65%. the day after.

Enthusiasm for the project has grown over the past week as daily transactions on the network repeatedly hit new records.

The overall cryptocurrency market cap is now $ 2.005 trillion and the Bitcoin dominance rate is 43.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.

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