- Altcoin rally gains momentum as Ethereum, Dogecoin, and Solana post strong 24-hour gains, boosting investor sentiment.
- Ethereum surges 5.34% to $1,858.50, with analysts projecting a long-term target of up to $14,000 by leading banks.
- Solana and Dogecoin climb over 6%, with technical setups hinting at potential breakouts amid growing market activity.
As of May 1, the cryptocurrency market demonstrated positive growth as ETH along with DOGE and SOL proved to be leading performers among altcoins. The market movements signal increased investment trust and renewed interest in various alternative digital assets.
1. Ethereum (ETH)
As of May 1, Ethereum (ETH) is trading at approximately $1,858.50, reflecting a 5.34% increase over the past 24 hours. Lows for the day have been at $1,756.95 and highs at $1,872.94. Ethereum’s current market cap is around $224.72 billion, which has a 24-hour trading volume of $16.22 billion.
Ethereum’s price, however, is still about 62% lower than its all-time high of $4,891.70, achieved on November 16, 2021. ETH has appreciated by only 26% over the last year, which is less than Bitcoin’s 152% increase from its 2024 low, in addition to which returns from BTC rallying from its lowest point last year have slightly disappointed some investors.
ETH has a promising future in the industry projects. Deltec Bank projects that Ethereum could climb to $10,000 by the end of 2025, while Standard Chartered Bank offers an even more optimistic outlook, forecasting a price above $14,000. Their prediction is based on Ethereum’s shift from Proof of Work to Proof of Stake and the anticipated inflation in fiat currencies.
This vector has proved to be a profitable one for traders. Crypto Rover, a crypto analyst, said that the price of that Ethereum is a great indicator of the start of a new utility season, noting that short positions may be risky at this stage.
2. Dogecoin (DOGE)
As of May 1, Dogecoin (DOGE) is trading at approximately $0.1809, reflecting a 6.2% increase over the past 24 hours. The 24-hour trading volume stands at $943.9 million, and the market capitalization is around $27.01 billion, positioning Dogecoin as the 8th largest cryptocurrency by market cap.
The circulating supply is approximately 149.08 billion DOGE, with no maximum supply limit, highlighting its inflationary nature.
In a recent post on X, prominent crypto analyst Trader Alan highlighted a bullish outlook for Dogecoin (DOGE), identifying a classic Wyckoff Accumulation pattern playing out on the charts. In that case, DOGE has likely experienced “Spring,” of which I believe the final shakeout has taken place beneath support, and is now starting ‘Phase D’ where upward momentum usually comes. It implies that the coin may possibly be heading toward the beginning of a new uptrend after spending an elongated consolidation period.
The analysis on the chart suggests that the bounce from the $0.136 support zone recently could begin a strong price recovery for DOGE.
This is supported by key technical indicators supporting the bullish scenario according to Alan. Macd is getting ready for bullish crossover which indicates lessening bearish momentum, and RSI is very close to 40.75 which is near neutral 50 level that commonly dictates a change from savage.
3. Solana (SOL)
As of May 1, Solana (SOL) is trading at approximately $152.32, marking a 7.02% increase over the past 24 hours. The intraday price ranges between $141.52 to $153.84. Solana currently holds a market capitalization of approximately $78.84 billion, with a 24-hour trading volume of $3.12 billion. It has a circulating supply of 517.85 million SOL out of a total supply of roughly 599.76 million SOL.
Solana’s behavior is closely watched by market observers. This aims to shed light on the concept of the ‘average Solana trencher’ and illustrate common trading patterns and market responses. If major price moves very near, the current technical setup may validate well for traders accumulating SOL in anticipation of a breakout of potential long.
