Top 5 Solana-based Cryptocurrencies to Watch

Solana Cryptocurrencies to Watch

In the past year, Solana has earned itself a place in the top 10 cryptocurrencies by market cap. SOL currently has a market cap of $52 billion, and its seventh place position means it is up there competing with the big boys.

Following the impressive feat of  SOL as a tradable digital currency, it is easy to conclude that the coin will have a good and thriving ecosystem creating demand for the native cryptocurrencies. Impressively, there are over 400 projects currently hosted on the Solana network.

Solana-based coins

Source: (Solanians on Twitter)

With such an array of projects within the Solana ecosystem, it can be difficult to pick from the lot. However, here are the  top 5 cryptocurrencies to watch:

Best Solana Cryptocurrencies to Watch

  • Serum (SRM)

Serum is an open source decentralized exchange (DEX) project created by a consortium of partners including FTX, Alameda Research, and the Solana Foundation. Serum and the ecosystem it powers brings unprecedented speed and low transaction costs to decentralized finance (DeFi).

The project promises a range of benefits, including giving users the ability to choose the price, size and direction of their trades. Other projects benefit from Serum’s existing architecture, bootstrapped liquidity, and matching services.

Serum is currently ranked the 88th largest coin by market cap as its total worth is estimated at $1.18 trillion. Buoyed by Solana’s growth, the coin gained more recognition last year and has thrilled traders since then.

The 88th coin by market cap recently hit a new ATH ($13.7) 24 days ago and is enjoying its fourth day of upswing. We may conclude that Serum will retest its all-time high soon as MACD is about to intercept – favoring the bulls.

  • Raydium (RAY)

Raydium is barely seven months old since it was introduced to the market in February 2021. AlphaRay put together a team in 2020 birthing the automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX).

Raydium was created to convert  funds deposited into it to limit orders which are fed to Serum’s orderbooks. Raydium currently sits at the 109th spot in the market cap ranking with a total valuation of more than $779 million.

The RAY/USD pair is enjoying its third day in the green – earning a spot in the cryptocurrencies to watch. The coin increased by 14.6% in during the last trading session and is on its way to gaining 3% today. The pair is trading above the 50-days moving average and the 200-days as well.

Interestingly, it may be safe to conclude that we may see the uptrend continue as the Moving Average Convergence Divergence is also bullish – hinting at a near buyer-friendly interception. The buyers’ endgame is to see RAY at $16.

Recent price movements suggest that the right-wing traders may have their but still need to take note of the $13 resistance as it is one of the strongest in the bid to set height. It is also important for the bulls to hold $8.5 support as it is critical to the mission.

  • Orca (ORCA)

Orca is another automated market maker (AMM) in the Solana ecosystem. ORCA is presumed to have a range of utilities including asset swaps, liquidity and yield accumulation through an easy-to-use interface. Money-Lego, farming, and on-chain data into dApp are some of the utilities the coin offers to other projects.

ORCA strives to provide easy and effective financial tools for everyone by bringing DeFi to the masses. The coin is ranked the 313th largest coin by market cap as its total valuation is worth more than $162 million.

Entering the mainstream last month, the currently ranked 313th coin by market cap is enjoying one of its first bullish runs. With the uptrend still intact, we are yet to see the top of the coin as it is making breaking its all-time high a daily tradition.

Barely 30 minutes to the time of writing, the coin carried out its act as the new ATH is $19.6. Orca is one of the many cryptocurrencies to watch as it may continue its surge as general market sentiment remains favorable.

  • Saber (SBR)

Saber is also one of the cryptocurrencies to watch, perhaps because of the project’s relevance to the Solana ecosystem. Saber provides a DeFi cross-chain protocol, allowing the trading of stablecoins and other pegged assets with low slippage. According to Defi Llama, Saber currently boasts over $3 billion in total value locked (TVL), and is the largest of the many DeFi protocols on Solana.

The coin entered the mainstream towards the end of July this year. SBR market cap is estimated at $30 million and is ranked the 2821st coin on the market cap rank.

SBR all-time high is $1.12 but is currently trading 77% lower than the mark. We saw a gradual buildup to the ATH as various bullish ensured it surged. One of the news is Saber raising $7.7 million in a seeding fund round to hire more developers.

With more hands on deck, we may see new innovations that will attract more investors. Taking into consideration the law of demand and supply, Saber will make a return to $1 soon.

  • Port Finance (PORT)

Port Finance is a decentralized Money Market protocol on Solana, providing a full suite of money market products starting with variable rate lending. Utilizing Solana’s high throughput and low latency, users will be able to borrow more money.

The coin development on Solana means that the project will be able to take advantage of Serum’s order book to open up exciting new possibilities for the implementation of more complex financial products.

Recent price movements indicate that PORT is going through a cooldown after hitting ATH 21 days ago. The movement also has little resemblance to SRM’s – hinting at a possible breakout at about the same time as the latter.

Final Words

This article mentions the top cryptocurrencies to watch out for in the Solana ecosystem. We looked at five pivot Solana-based coins with SRM taking the lead in terms of market capitalization. As adoption of Solana improves, we’re likely to see more value flow into the ecosystem and the best positioned projects are likely to be the biggest beneficiaries.