For those who have investment plans in Solana, Polkadot and other altcoins, renowned analyst Ekta Mourya makes important assessments. Let’s take a look at the analyst’s comments.
Grayscale, one of the best institutional investors in the market, has updated its crypto investment list by adding 13 new altcoins to its portfolio. Grayscale’s new investments have provided an introduction to several altcoins that have been rallying since early 2021, from Solana [SOL] Polygon [MATIC] and KAVA. Although Grayscale’s addition to its portfolio will increase market sentiment, other factors may pave the way for an altcoin rally.
Looking at the example of SOL, Ekta Mourya argues that the rapidly growing project ecosystem has led traders to think that it will be bullish in the long run. SOL’s price climbed as high as $38, while trading volume dropped nearly 40% in 24 hours. The decrease in trading volume can be interpreted as an accumulation and the beginning of a price rally.
More traders are switching to SOL to get started with DeFi and NFT ecosystems and projects. Now there has been a steady increase in the number of active traders. Additionally, several oracle networks such as Switchboard bring significant buyers to the Solana Mainnet. This increases Solana’s popularity and brings it into the mainstream. According to Mourya, this increases demand among exchanges.
On the other hand, looking at the sample of KAVA, MKR and DOT, social volume seems to signal an impending price rally. The best features of KAVA are that all of these cases reward traders to save, as the network fees are optional and the rewards are relatively high, as well as recently reaching an ATH.
Will KAVA, DOT and MAKER rally?
KAVA has emerged as one of the most rewarding DeFi projects since the beginning of 2021 and is seeing an increase in trading volume and market capitalization as well. The increase in question is also an indicator of the increasing demand in spot exchanges. Grayscale is known for discovering new potential products, and this may have led them to consider the trending altcoins of 2021. However, considering these altcoins in particular points to their relatively high short-term ROI potential. Since the beginning of 2021, the market cap of these altcoins has been increasing steadily.
In the past week, the market cap of altcoins like DOT, MKR, and KAVA has increased by over 20%. MKR is a coin that has experienced the highest volume growth several times in the last two weeks. This makes it even more lucrative for altcoin investors to buy MKR for relatively high short-term investment returns. According to Ekta Mourya, MKR, KAVA, DOT and SOL are likely to increase based on these metrics.
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