The altcoin season index continued soaring on Monday, as most coins outperformed Bitcoin, which has remained in a tight range since last week.
The index jumped to 58, its highest level in months. Similarly, the closely watched crypto Fear and Greed index jumped into the greed zone at 68.
These metrics could signal that most altcoins are about to stage a strong rally in the coming weeks. This article explores some of the best crypto to buy or invest in today for substantial gains.
JasmyCoin (JASMY), commonly known as Japan’s Bitcoin, is one of the best crypto to buy as the altcoin season starts.
On-chain metrics show that whales have continued to accumulate it this year. They now hold 6.93 million tokens, up by 40% from the same period last month. Similarly, the supply of JASMY held in exchanges has dropped by 6.4% in the last 3o days.
Technicals are also highly supportive as it as jumped above the 50-day and 200-day moving averages. It is also about to flip the important resistance level at $0.021, its highest level on May 12. A break above that level will point to more gains, potentially to the 50% retracement level at $0.033.
Polkadot (DOT) is another best crypto to buy as the altcoin season starts. First, there are high chances that the SEC will approve a spot DOT ETF later this year, leading to more inflows from Wall Street investors.
Second, Gavin Wood, its founder, has proposed ways to reduce inflation by eliminating staking rewards. Polkadot distributes 500 million DOT tokens a year, with most of the recipients selling them, creating selling pressure. His proposal will see the network create less than 9 million tokens.
Third, Polkadot’s ecosystem is growing after it ended the parachain auction process. Some of the top dApps in the network are Hydration, a DeFi platform whose assets are jumping, and FIFA Rivals, a game.
Further, Polkadot price formed a giant double-bottom pattern at $3.5 and a neckline at $5.4. This pattern points to more gains, potentially to the neckline at $5.40 and the 50% retracement at $7.35.
Dogwifhat (WIF), a top meme coin in the Solana (SOL) ecosystem, is another top crypto to buy because these tokens are likely to perform well in an altcoin season.
WIF has already moved above the 200-day moving average. It also formed the cup-and-handle pattern with a depth of 76%. The upper side of this cup is $1.3473. Measuring the same distance from the cup’s upper side gives its target to $2.37, a few points below th 50% retracement point.
There are other potential coins that may do well in this altcoin season. For example, Tron, XRP, and Stellar may thrive because of their exposure to stablecoins, while Ethereum and Solana will attract more institutional investors.
