Raydium (RAY) Tops April's Altcoin Charts as Solana (SOL) Regains Positive Momentum

After suffering a dizzying fall between late January and early April, which took it from approximately $250 to just above $105

The cryptocurrency market has seen a mixed bag of fortunes in the first quarter (Q1) of 2024, with some of the biggest digital assets suffering significant year-to-date (YTD) losses or, at best, trading mostly sideways.

However, the most recent trading, which covered the past seven days, saw a positive break from the prevailing trends, as cryptocurrencies proved relatively unfazed by the latest set of stock market shocks, and a handful of altcoins enjoyed strong rallies.

In particular, Solana (SOL) enjoyed the biggest market capitalization gains among the major digital assets, as the token’s total valuation rose from $61.5 billion to $68.6 billion.

At press time, Solana is trading at $133.67.

Want to learn where to buy Solana today? Check out our guide here.

Solana price analysis: technical indicators offer neutral reading

After suffering a dizzying fall between late January and early April, which took it from approximately $250 to just above $105, Solana has regained positive momentum.

Indeed, the token is 11.71% up in the weekly chart and is changing hands at $133.67.

Technical analysis (TA) indicates that Solana remains a worthy buy for the end of April as the cryptocurrency’s relative strength index (RSI) offers a neutral reading of 56.99.

Such a setup suggests that the token is unlikely to fall below its nearest support level at $131.12. A breach of the $137.11 resistance could, however, accelerate the upswing.

Next, traders could monitor the $149.04 support in the event of a reversal from the current highs.

Top altcoin to buy: Raydium (RAY)

Another strong altcoin candidate to buy at the end of April is Raydium (RAY), which has recently surpassed Fartcoin (FARTCOIN) as the top performer among the 100 largest cryptocurrencies.

Indeed, RAY’s one-week 22.66% rally to $2.14 is nothing short of staggering under the macroeconomic circumstances that have sent investors deep into ‘fear' territory.

Furthermore, with an RSI of 60.33, Raydium has not yet strayed into ‘overbought’ territory, despite the strong upswing.

Still, its next support zone at $2.05 is a critical level for investors to watch, as RAY declined 2.82% over the last 24 hours and is already below its closest support at $2.15, opening up the possibility that the rally has been exhausted.