Top 5 altcoins for July, according to BeinCrypto analyst Jessica Walker

BeinCrypto presenter Jessica Walker highlighted the top 5 altcoins for the month of July. What all 5 have in common is the double-digit growth in the last week. Let’s analyze the various stories behind this growth.

SOL analysis

Solana was actively bought by dealers last week. This was shown by the SOL reaching the $ 20 support and immediately bouncing back to $ 26 on the same day.

Hourly SOL / USDT Chart | Source: TradingView

Technical signals are bullish. But beyond that, there are two basic pieces of information that support this growth as well.

Pyth, a decentralized network for distributing financial market data, recently added LMAX Digital to its list of data providers. LMAX Digital is an institutional exchange operator and is supported by Solana. The market reacted positively to this news and pushed SOL’s price higher.

The second piece of information is that the project has successfully raised $ 314 million in capital. This is a funding round led by Andreessen Horowitz, one of Silicon Valley’s best-known venture capital firms. Then there was the stake of Polychain Capital, a crypto hedge fund.

Analysis of ICP

Internet Computer launched the token about a week before the market crash. While it was a bit unlucky, the momentum it had on social media, as well as its mission and supporters, helped recover the ICP award. Additionally, ICP was added to the list of top altcoins to recover. The project is also supported by a16z and Polychain Capital.

It is showing a strong breakout on the 4-hour chart. However, the price of ICP remains vulnerable to the overall performance of the crypto market.

ICP / USDT 4-hour chart | Source: TradingView

We are still watching this altcoin as its wings did not appear to be broken after the 90% crash for the first few weeks.

TRX analysis

Tron was completely ailing when the crypto market collapsed. But the recent price movements of this altcoin caught our attention. It shows signs of recovery.

Daily TRX / USDT Chart | Source: TradingView

Tron currently has a daily active user base of over five million. This accumulation of users could be the reason for the 12% increase over the past week. The project’s CEO, Justin Sun, also confirmed a few days ago that Tron is the fastest growing public chain in the world. The rise in this altcoin could therefore be a stronger momentum than the technical chart signals.

Analysis of SHIB

Shiba has gained 12% in the past seven days. This meme is back in the spotlight last week thanks to Elon Musk’s tweets. Musk tweeted that his new Shiba dog is called Floki. After that tweet, both #Floki and #ShibaInu hashtags quickly became trending on Twitter and other social media. Once again we can see Musk’s media literacy.

According to some analysts, the SHIB price appears to be at a turning point. But you expect big swings in the SHIB, like its brother Dogecoin ‘s previous volatility. Technically, the community is waiting for Shibaswap to start. This is the community’s own decentralized exchange. No specific release date has been set yet, and for now all we know is that it will be ready in the summer.

DCR analysis

The last top altcoin on the July list, Decred is up 20% for seven days in a row. It’s the best growing altcoin on the list. This altcoin is not a popular altcoin, but it has a very solid user community. This has made a significant contribution to the operation of the project.

Decred (short for decentralized lending) is heavily influenced by Bitcoin. This project uses many of the fundamentals of that coin. Specifically in relation to the way the project works, the community approves all transactions and protocol-related changes. Hence, there is no way for large Decred holders to tamper with the operation of the protocol.

After the crash of the crypto market, it entered the top 50. With a hybrid proof-of-work and proof-of-stake approach, this altcoin is likely to get more attention in the future.

SN_Nour

According to Beincrypto

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