Top Altcoins to Watch on the US Election Day as Bitcoin Touches New High

Bitcoin is once again in the spotlight. With the U.S. presidential election heating up, Bitcoin hit an all-time high of above $75,000 on the election day, driven by heightened volatility and speculation around election outcomes. While Bitcoin grabs the headlines, several other altcoins are also experiencing surges, driven by election-related optimism and broader market interest. Let’s explore the top altcoins to keep an eye on today.

Quick Take

BTC reaches a new all-time high of above $75,000 before sliding lower, responding to early election results.
Riding high on election-driven momentum, SOL's strong DEX volume has positioned it for a rally toward the $200 mark, supported by a robust technical setup and increased network activity.
Surging 25% as Trump’s election odds rise, DOGE capitalizes on cultural ties and positive sentiment. Breaking key resistance levels, DOGE could reach new highs if the bullish momentum holds.
Tracking the S&P 500, ETH shows potential for significant gains. Analysts speculate that ETH’s correlation with traditional markets could propel it toward new all-time highs, with whales accumulating in anticipation.
With a 5% bounce at triangle support, SUI hints at a breakout above its symmetrical triangle. If it surpasses resistance, SUI could target a new high near $3, riding on a promising technical setup.
Growing transaction volume across multiple industries reflects increased adoption. LTC’s technical signals indicate potential price targets between $72 and $108, with recent activity suggesting it’s becoming a go-to payment method for various sectors.

Solana (SOL)

SOL/USDT price chart | Source: KuCoin

Solana continues to stand out in the crypto market, driven by impressive decentralized exchange (DEX) trading volumes. With its $2.00 level firmly established as support, SOL is targeting a rally toward the $200 mark.

Why Is Solana Rallying?

Record-Breaking DEX Volume: Solana’s DEX volume has surpassed $26 billion, underscoring its growth.
Technical Momentum: With an RSI near 64, SOL shows room for further gains without entering overbought territory.
Potential Target: If SOL can hold above $200, it could soon test its all-time high at $236.

Solana’s consistent volume and activity suggest strong market interest, with election-driven volatility adding fuel to its bullish outlook.

Dogecoin (DOGE)

DOGE/USDT price chart | Source: KuCoin

Dogecoin is seeing a surge in interest as election results favoring Republican candidate Donald Trump come in. DOGE has risen over 25%, breaking the $0.20 level and outperforming many large-cap cryptos.

Why Is Dogecoin Trending Today?

Trump’s Election Odds: DOGE’s rally aligns with Trump’s rising odds, given the meme coin’s cultural ties to his campaign and support from figures like Elon Musk.
Market Sentiment: Traders expect a sustained DOGE rally, with significant liquidations in the past 24 hours pointing to continued bullish momentum.
Resistance Level: DOGE faces resistance near $0.1758; a successful breakout could push it to $0.21, marking a new yearly high.

DOGE’s flipping XRP to become the seventh largest crypto by market cap today reflects both the ongoing memecoin frenzy and upbeat market sentiment linked to political developments.

Read more: Best Memecoins to Know in 2024

Ethereum (ETH)

ETH/USDT price chart | Source: KuCoin

Ethereum is another altcoin benefiting from the election frenzy. ETH has shown a strong correlation with the S&P 500, hinting at a bullish future if traditional markets remain supportive.

Can Ethereum Touch New Highs?

S&P 500 Correlation: ETH’s price moves in tandem with major stock indices, suggesting it could reach new heights if markets rally.
Potential to Triple: Analysts speculate that ETH could see a massive upside, with a possible push toward the $10,000 mark.
Technical Support: ETH remains strong, with whales actively accumulating, which could drive prices higher post-election.

Ethereum’s positioning as a leading Layer-1 blockchain and its ties to traditional finance make it a prime altcoin to watch.

Sui (SUI)

SUI/USDT price chart | Source: KuCoin

Sui is a relatively new player, but it has gained traction in recent months. The Layer-1 token has broken out above $2.00, spurred by significant DEX trading volumes and a strong community presence.

Can Rising DeFi Activity Take SUI to a New ATH?

DEX Milestone: SUI recently crossed $26 billion in DEX trading volume, signaling strong growth.
Memecoin Craze: The recent surge in memecoins on Sui has fueled additional market activity, with the combined market cap of these tokens surpassing $171 million—an impressive 40% growth within 24 hours, drawing more traders and liquidity into the ecosystem.
Technical Breakout: SUI’s breakout above resistance at $2.00 shows bullish strength, targeting $2.20 as the next resistance.
Support Level: If SUI remains above $2.00, it could aim for ATH levels near $2.50.

With high liquidity and support from active traders, SUI has the potential for further gains as the election drama unfolds.

Litecoin (LTC)

LTC/USDT price chart | Source: KuCoin

Litecoin has recently seen a notable increase in transaction volume, sparking discussions on its growing role as a digital payment method. This surge reflects a trend toward more practical applications across various sectors, from retail to iGaming.

Why Is Litecoin Price Rising?

Adoption Across Industries: Litecoin’s fast transaction speeds and low fees have made it popular in sectors like retail, hospitality, and travel. Many merchants are now integrating LTC for seamless payments, especially for international transactions.
iGaming Popularity: The online gambling sector, particularly in Litecoin casinos, benefits from LTC's privacy and instant payouts, making it a preferred option for players valuing confidentiality.
Transaction Volume Spike: Litecoin's recent transaction volume reached its highest level since May 2023, with 512 million LTC moved in just one week. Analysts view this as a signal of increasing utility rather than just trading, indicating a broader adoption of Litecoin for payments.
Potential Price Movements: Increased activity could drive price volatility. Litecoin recently dipped slightly, possibly due to profit-taking, yet its strong network performance may contribute to upward momentum in the near future.

Litecoin Price Prediction

Litecoin’s consistent transaction growth and adoption position it as a viable option for digital cash in real-world applications. Analysts are optimistic, with potential price targets ranging from $72 to $108, though recent indicators show mixed signals.

MAGA (TRUMP)

TRUMP price chart | Source: CoinMarketCap

MAGA, a Trump-inspired memecoin, has gained significant traction in recent days, reflecting the broader interest in Trump-themed cryptos amid the ongoing U.S. election. Currently trading at $3.78, MAGA has seen a 14% increase over the past 24 hours, benefiting from both increased network usage and bullish sentiment tied to Trump’s election prospects.

Can MAGA (TRUMP) Rally Higher?

Rising Demand and Network Activity: MAGA’s daily active addresses have surged, with the metric climbing from 903 to 2,606 over the past few days. This increase in network activity reflects growing demand for MAGA and suggests an uptick in user engagement with the coin.
Network Growth Surge: MAGA’s Network Growth, which measures new addresses created on the blockchain, has also hit new highs. Rising from 326 to 1,226, this metric indicates increased adoption and traction for the Trump-themed coin.
Whale Accumulation: Supply distribution data reveals that whales holding between 1 million and 10 million MAGA tokens have increased their holdings significantly, while those with smaller wallets appear to have sold. This accumulation trend among large holders points to growing confidence in MAGA’s potential.

The rise in MAGA’s on-chain metrics and whale activity, coupled with heightened interest in Trump-themed assets, suggests that MAGA may have further room to grow, though investors should remain cautious given the volatile nature of memecoins.

Conclusion

The U.S. election is contributing to heightened volatility across the cryptocurrency market, with Bitcoin’s record-breaking $75,000 high providing momentum for several altcoins. Each of these assets, from Solana’s strong DEX presence to Dogecoin’s meme-fueled rally and Ethereum’s alignment with traditional market trends, holds a unique position.

While these altcoins show potential for gains, it’s essential to remember the inherent risks in volatile markets, especially during periods of significant global events. Market conditions can shift rapidly, and investors should consider their risk tolerance and conduct thorough research before making any decisions.