Many cryptocurrencies have rallied again in October as the general crypto market shows signs of recovery. The market has recorded a 3.1% increase in the last 24 hours, moving the total market cap to $1.16 trillion. Meanwhile, some crypto assets have emerged as the top gainers today.
Bitcoin leads the rally, trading at $28,300 at 6:09 a.m. EST today, October 2. Also, some altcoins show impressive increments based on developments in their ecosystem.
These altcoins include Solana, THORChain, Render, and Meme Kombat. Read on for details on exciting facts in their ecosystem and their price outlook moving forward.
Solana (SOL) – The Decentralized Scalable Network
SOL’s price at 6:26 a.m. EST, on October 2, is $24.2, with a 5.7% increase in the last 24 hours. Impressively, it has gained 24.3% in the last seven days, confirming that the buyers are in control.
Data from the on-chain analytical platform DefiLlama reveals that Solana Total Value Locked (TVL) has increased by 4.9% in the last 24 hours. Today, at 7:59 am EST, Solana’s TVL is $337.84 million, and this surge is likely driving its price gains.
Moreover, Solana developers have continued the network’s development and community-focused approach. They’ve rolled out an event, Break Point 2023, to occur in Amsterdam in the Netherlands between October 30 and November 3.
This event is open to artists, developers, and all those who can build and learn at a subsidized rate. Also, content creators such as writers, video makers, and podcasters promoting Solana are invited to the event, further attracting more interest and driving demand for the asset.
Meanwhile, one of Solana’s top features is its relatively low cost of transactions. This feature is likely driving more investors to accumulate Solana tokens, leading to a price increase. As such, SOL has formed several green candles on the daily chart, confirming that the buyers are active.
SOL Testing $24.4 Resistance as Buyers Sustain Pressure, Will It Prevail?
SOL is bullish on the daily chart, flipping the $22.9 resistance and turning it into support. Also, the upper wick of today’s candle is breaking above the $24.4 resistance as the buyers refuse to relent.
Furthermore, SOL displays a bullish signal, trading above its 50-day and 200-day Simple Moving Average (SMA). Moreover, the Relative Strength Index (RSI) confirms the pressure from the buyers with a value of 75.8 and in the overbought zone.
Although the RSI is in the overbought zone, it shows no signs of retracement, as more buyers open long positions. Additionally, the Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a strong buy signal.
Also, the Histogram bars are green, confirming the aggressive accumulation from buyers. Based on SOL’s historical data, it will likely break above the $24.4 resistance level before a possible retracement occurs.
THORChain (RUNE) – The Cross Chain Swaps Solution
Today, October 2, RUNE price is $2.18 at 6:28 am EST, with an 11.1% increase in the past 24 hours. Also, it recorded a 28.4% increase in its price in the past seven days.
THORChain has continued with its DeFi innovations, likely driving its price gains. However, the biggest event in the ecosystem driving RUNE’s price gains is the arrival of the BNB Smart Chain on THORSwap.
📣#BNB Smart Chain arrives on @THORSwap! ⚡
Trade cross-chain between $BNB (BEP-20) Native #BTC, $ETH, #AVAX, $ATOM, $RUNE, $DOGE, $LTC, $BCH & 5,500+ tokens in 1-click. No bridging/wrapping.
Earn #RealYield via @THORChain Savers with no impermanent loss.
🧵1/Let’s Dive in: pic.twitter.com/RK7RO58dBs
— THORSwap ⚡ #BetterThanCEX (@THORSwap) September 29, 2023
According to an announcement on September 29, BNB Smart Chain is now live on THORSwap. Therefore, users can trade cross-chain between BEP-20 tokens and over 5,500 tokens with one click.
Also, the developers noted that THORChain has supported the BNB Beacon Chain since its launch. Consequently, with its addition, users have access to a large DeFi ecosystem that is EVM compatible.
Additionally, THORSwap’s BSC DEX Aggregator connects directly to PancakeSwap liquidity. Therefore, it enables easy conversion from BTC to CAKE and several BEP-2o assets in one click. THORSwap supports connecting several BSC wallet interfaces with ease.
These include browser interface, mobile, and hardware. Users can also earn BNB from RealYield generated from THORChain liquidity pools. These pools offer no impermanent loss, and deposits can be withdrawn anytime with no penalties.
These impressive features are likely driving more users to the ecosystem and boosting RUNE’s price. RUNE has formed higher highs on the daily chart as buyers retain control.
RUNE Breaks Above The $2.14 Resistance As Buyers Show Dominance, What Next?
RUNE is in an uptrend on the daily chart, forming a green candle today to break above the $2.14 resistance. Also, RUNE pivoted off the $2.00 support to continue its rally as the buyers continued to dominate.
In addition, RUNE is trading close to the upper band of the Donchian Channel (DC), which confirms that the bulls are in control. Furthermore, its MACD displays a strong buy signal confirmed by the green Histogram bars.
Also, the RSI indicator is in the overbought region, displaying a value of 70.9 and still rising. The RSI confirms that the buyers are still aggressively accumulating RUNE tokens, leading to price gains. Based on these indicators, RUNE will likely continue its rally if the buyers refuse to relent in the next few days.
Render (RNDR) – The Trusted Decentralized GPU Provider
RNDR’s price at 6:32 am EST on October 2 is $1.7, indicating an 8.0% increase in the last 24 hours. Furthermore, its price gain in the last seven days is 12.4%, a testament to the ongoing accumulation phase. RNDR’s price gains in the past week are likely a result of the recent partnerships with Microsoft and Google.
17. Both $MSFT and $GOOGL have joined forces with @rendernetwork. This collaboration brings Azure (including Microsoft’s NVIDIA GPUs) and Google’s A2 instances into the mix, enhancing the capabilities of the Render Network ✨🚀 pic.twitter.com/E5VSvBZXqW
— Degen Analyst (@RuffRuffBitcoin) September 25, 2023
Also, Apple is utilizing Render Network’s OctaneX for iPhone and iPad. Also, they are perfecting plans to enable OcttanX users to upload their work directly to the Render Network.
Platforms like Facebook (META), HBO, and Netflix have partnered with Render Network. Therefore, these exciting partnerships likely drive a surge in the RNDR token’s price, making it bullish on the daily chart.
RNDR Fast Approaching Overbought Zone as Bullish Pressure Continues, Is A Retracement Close?
RNDR is in an uptrend today, continuing its rally from October 1 after a brief retracement on September 30. RNDR has found support at $1.69 and is testing the $1.73 resistance level. A break above this level will likely send the token close to the psychological resistance of $2.
Meanwhile, the Parabolic SAR indicator has moved under the green candles, indicating a surge in buying pressure. Furthermore, the RSI is rising to the overbought region and displays a value of 69.3. If the buyers sustain the rally to break above the $1.73 resistance, RNDR will enter the overbought zone.
Also, the MACD is above its signal line and displays a buy signal confirmed by its green Histogram bars. Although RNDR’s indicators are bullish, traders should check if today’s candle will close above $1.73 for confirmation.
Nevertheless, RNDR will likely continue to rally before a retracement from the overbought zone in the coming days. If you miss today’s crypto market rally, you can take advantage of the ongoing Meme Kombat Presale.
Meme Kombat (MK) – The On-chain Gaming Ecosystem
Visit Meme Kombat Presale
Meme Kombat is a crypto gaming platform built for users who love gaming with several exciting modes. $MK is the utility token of this ecosystem and has many applications for its holders.
Also, it offers users access to betting, a growing trend in the crypto sphere, and staking for passive income. Also, MK holders can participate in automated battles, wager on outcomes, and stake their tokens.
MK Presale Ongoing, As More Investors Accumulate the Tokens
Visit Meme Kombat Presale
$MK is on presale, and each token is worth $1.67. As of today, October 2, approximately $215,700 has been raised out of the target of $1 million. Also, users can select ETH or USDT as their preferred cryptocurrency for purchase and connect their crypto wallets.
Alternatively, MK tokens can be purchased from the BSC Smart Chain network. However, MK operates on the Ethereum blockchain; therefore, tokens purchased on the BSC Smart Chain will likely be migrated. According to tokenomics, 50% of the total supply of 12 million tokens is dedicated to the presales.
Automated Staking Function Provides Additional Rewards?
Also, during the presales, each MK token purchased will be automatically staked for the purchasing wallet to earn rewards. However, these rewards are based on the APY at the time of purchase, visible on the Meme Kombat staking page.
To claim the presale staking rewards, each staking wallet must re-stake all available tokens for at least one locking period. Additionally, all staked tokens must be withdrawn once since partial withdrawals are not supported.
Betting in Meme Kombat Gives Ecosystem More Utility And Diversity
Remarkably, Meme Kombat offers betting and wagering opportunities to keep its participants engaged in the ecosystem. Also, it features several modes, such as Player Vs Player betting and Player vs Game betting.
Additionally, Direct Betting and Side Action Betting are other available options. The Player vs Player mode enables users to place bets against each other in direct competition. Furthermore, the player vs game mode focuses on specific in-game events.
Also, direct betting enables participants to place bets on specific battles or characters, earning prizes based on the battle outcome. Finally, side action betting covers specific aspects of the battle, such as the first move and others.
Ultimately, the goal is to give Mk tokens utility through gaming and keep users highly invested in the ecosystem. So, based on the past success of gaming and gambling tokens, MK will likely increase in value in the long term.
Conclusion
Based on the improvement in the crypto market, an accumulation phase will likely occur in the last quarter of 2023. However, this forecast is highly speculative since external factors influence the market.
Also, one recurring factor among the top gainers is constant development in the ecosystem, leading to increased adoption. However, like any other investment venture, there are risks associated with crypto investments. Therefore, investors are advised to conduct research and manage these risks properly.
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