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The recent U.S. elections mark a pivotal moment for the cryptocurrency industry, with over 250 pro-crypto candidates elected. Supported by over $200 million in campaign funding from the digital asset sector, these wins signal a potential shift toward more constructive regulatory policies.
Notable wins, such as Ohio’s Bernie Moreno defeating Senator Sherrod Brown and Pennsylvania’s Dave McCormick winning in his Senate race, underscore the sector’s expanding political reach. Candidates like Jim Justice in West Virginia and Jim Banks in Indiana also gained crypto industry backing, while anti-crypto Senator Elizabeth Warren held her seat in Massachusetts.
With this evolving regulatory landscape, the altcoin market is capturing more investor interest. For those considering cryptocurrency investments, here are some noteworthy altcoins poised to benefit from this new pro-crypto direction:
- Solana (SOL) – Supported by institutional interest and designed for scalable decentralized applications.
- Toncoin (TON) – Expanding through strategic partnerships to strengthen its role in Web3.
- Cardano (ADA) – Driven by significant whale activity and high network engagement.
- Chainlink (LINK) – Backed by institutional collaborations and rising development activity.
- Ripple (XRP) – Positioned for growth if U.S. regulatory pressures ease.
These altcoins stand to gain from pro-crypto policies, presenting investment options as the industry moves toward clearer support in the U.S.
🇺🇸 We now have a President who is openly pro crypto and 272 newly elected pro crypto candidates in the house and senate. This is and will be the single biggest structural swing toward crypto friendly policy ever.
Huge win for the industry and shoutout @standwithcrypto https://t.co/3vmQGGCq44 pic.twitter.com/gYwMZPJNjX
— ZEDD (@ZhuoxunYin) November 6, 2024
Solana (SOL): Strong Institutional Backing and Scalability
Solana (SOL) continues its impressive rally, recently reaching $201.91 with a 7% increase over the past day and an 18% rise this week. This surge aligns with a favorable shift in the U.S. political landscape as over 250 pro-crypto candidates were elected to Congress, enhancing institutional confidence in the crypto market.
Solana’s high throughput of 65,000 transactions per second has made it a preferred platform for developers building decentralized applications (dApps), driving its adoption and scalability.
Bitcoin’s recent highs further support Solana’s momentum, with immediate resistance identified at $211.66. Should bullish sentiment persist, further resistance levels at $219.34 and $229.10 could be tested.
However, the Relative Strength Index (RSI) at 71.94 suggests that SOL is currently overbought, potentially leading to a short-term correction.
Key Levels to Watch:
- Immediate Resistance: $211.66
- Next Resistance Levels: $219.34 and $229.10
- Key Support Levels: $191.12 and $183.44 in case of a pullback
Solana’s trajectory remains positive, driven by institutional interest and evolving pro-crypto policies. Traders should keep a close eye on these resistance and support levels to gauge SOL’s next move as market sentiment unfolds.
Toncoin (TON): Strategic Partnerships Strengthening Web3 Position
Toncoin (TON), the native token of The Open Network, has seen growing interest amid a favorable shift in U.S. crypto policies following the election of pro-crypto lawmakers. This positive sentiment has spurred adoption, with TON’s user base expanding from 4 million to over 100 million wallets this year, pushing its market cap past $12 billion.
Strategic partnerships, including a recent collaboration with Curve Finance to boost stablecoin trading on TON’s blockchain, have strengthened its ecosystem. These developments enhance TON’s liquidity and token-swapping capabilities, reinforcing its appeal in the expanding Web3 space.
Currently trading at $4.90, TON is consolidating within a descending triangle pattern on the daily chart, often indicating potential bearish continuation. Immediate resistance is seen near $5.02, with further resistance at $5.18, which, if broken, could suggest a bullish trend shift. On the downside, sustained selling pressure may drive the price towards $4.57, with further support at $4.23.
Key Insights:
- Pattern Observation: Descending triangle suggests possible bearish continuation.
- Resistance Levels: $5.02 and $5.18 – critical for trend reversal.
- Support Levels: $4.57 and $4.23 if bearish momentum persists.
The RSI at 45.10 indicates mild bearish sentiment, signaling a need for caution among traders watching for a breakout or breakdown.
Cardano (ADA): Whale Activity Drives Market Momentum
Cardano (ADA) has surged over 25% in three days, driven by heightened whale activity and network transactions, positioning it as a top altcoin to watch post-U.S. elections. Trading at $0.446 with a market cap of $15.42 billion, ADA’s rally reflects renewed investor interest and confidence. The Cardano network has recorded significant activity, with nearly 38,000 unique address transfers in a single day, highlighting increasing on-chain engagement.
This breakout from a prolonged consolidation triangle pattern signals a shift in momentum, with ADA breaking resistance at $0.42. The 50-day moving average, now at $0.357, acts as a support level, underscoring the upward trend. The Relative Strength Index (RSI) at 73.07 indicates an overbought condition, suggesting the potential for short-term pullback or consolidation before ADA attempts further gains.
Key Levels to Watch:
- Immediate Support: $0.42 (previous resistance, now support)
- Next Resistance: $0.46 and higher if momentum continues
Whale activity remains robust, with over $7.4 billion moved in ADA recently, signaling confidence from large investors. As ADA’s price action unfolds, traders should monitor these key levels, especially with positive market sentiment fueled by the pro-crypto shift in U.S. politics.
Chainlink (LINK): Institutional Collaborations Fuel Growth
Chainlink (LINK) has recently attracted significant attention, experiencing a notable 12% price increase over the past 24 hours, reaching $11.94. This surge follows an increase in development activity, which rose by an extraordinary 14,450% in the last 30 days, driven largely by the adoption of its Cross-Chain Interoperability Protocol (CCIP). CCIP enables secure cross-border transactions and has facilitated partnerships with major institutions like UBS, Swift, and ANZ Bank. LINK’s trading volume has also surged by 78.85%, reflecting strong market interest.
Technically, LINK has broken out above a descending triangle pattern, currently trading at $13.27. The breakout above $12.42 and the 50-day moving average at $11.44 highlight an increase in bullish sentiment. The Relative Strength Index (RSI) at 64.81 is approaching overbought levels, indicating strong buying interest, though caution is advised as a pullback may occur.
Key Levels to Watch:
- Immediate Resistance: $13.90
- Support Level: $12.42 (previous resistance now support)
Ripple (XRP): Poised for Growth Amid Regulatory Shifts
XRP’s ongoing legal issues with the SEC have affected its 2024 performance, down 15% year-to-date. However, with pro-crypto sentiment growing in the U.S., a potential change in SEC leadership could favor XRP, particularly if regulatory pressures ease. XRP is trading at $0.5508, approaching the end of a long-term symmetrical triangle, which may signal a breakout by 2025.
The RSI for XRP stands at 57.82, showing moderate buying interest. Key resistance lies at $0.56305, with additional support at $0.49980 if bearish pressure resumes. Declining exchange reserves and increased open interest in XRP futures suggest that investor interest remains, setting XRP up as a potential buy if regulatory sentiment improves.
Key Levels to Watch:
- Immediate Resistance: $0.56305
- Support Level: $0.49980
With a favorable regulatory landscape emerging, these altcoins and presale projects like Pepe Unchained offer investors a range of options to explore the potential of the evolving crypto market.
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The presale has raised over $25.6 million out of a targeted $26.1 million, reflecting significant investor interest.
The token price has increased to $0.01239, offering early investors an impressive value uplift. With just over one day remaining until the next price increase, potential investors have a limited window to join at the current price.
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