Over the past 24 hours, several cryptocurrencies have attempted to recover from recent losses, stimulating renewed interest in several altcoins. Among the altcoins that are trending today are newly launched coins, there is a project that just introduced its Mainnet altcoin and quickly attracted attention in the market.
Notably, two other altcoins, according to CoinGecko, include a popular altcoin with a lot of interest from the market and a privacy-focused cryptocurrency.
Vector Smart Gas (VSG)
Vector Smart Gas is a newly launched layer-1 network on the Ethereum blockchain platform, focusing on DeFi (DeFi) and Real Assets (RWAs) tokenization. Its native token, VSG, is one of the trending altcoins today, mainly because its price has increased.
In the past 24 hours, VSG price has increased by 49% and a cumulative 550% in the past seven days. This development can be linked to the notion that Tokens are becoming trendy on TikTok—increasing demand in the market.
At the time of writing, VSG price is 0.0044 USD. Furthermore, the daily chart shows that the Moving Average Convergence Divergence (MACD) is positive, indicating that the momentum around the altcoin remains bullish.
If this trend continues, VSG price could climb higher. However, if the momentum turns bearish, that may not happen. Instead, the altcoin price could drop to the $0.0018 support level.
Tornado Cash (TORN)
As mentioned, Tornado Cash is a privacy-focused cryptocurrency and is one of the trending altcoins today. However, not only that, Tornado Cash scored a major victory after a US appeals court ruled against the Treasury Department.
As a result, TORN price has increased by 396% in the past 24 hours. As of this moment, the price is $17.86. According to the daily chart, trading volume around the cryptocurrency has also increased sharply, hinting at widespread interest in the token.
As long as volume increases, the altcoin price could reach as high as $39.41. However, if crypto investors take profits, this could change, and the altcoin could drop to $12.24.
Solana (SOL)
Last on the list is Solana, one of the best performing altcoins over the past year. However, unlike TORN and VSG, SOL did not become trendy because its price increased. In fact, the price of this coin has fluctuated around 235 USD in the past 24 hours.
On the daily chart, the Parabolic Stop and Reverse (SAR) indicator has crossed above the price of SOL. The Parabolic SAR indicator is a technical indicator that detects support and resistance levels.
When the price breaks above the indicators, there is strong support and the price can rise. But when it is below, Solana price faces resistance. If that continues, SOL could drop to $219.63.
Conversely, if altcoins see an increase in buying pressure, the trend could reverse. In that case, SOL could rise to $264.33.