3 Altcoins approaching all time highs in November 2024: Solana, BNB, Tron (TRX) Price Analysis

Altcoin market analysis: 

Since Trump’s win, crypto altcoin markets have attracted over $200 billion in capital inflows. While  despite Bitcoin has dominated the mainstream media headlines and Ethereum has underperformed, major altcoins including Solana, Binance Coin (BNB) and Tron (TRX) are now approaching new all time highs.

This analysis covers the major catalyst driving each asset and how much capital inflows require to propel them to new global peaks.

1. Solana: SOL Price 7% away from ATH as Memecoins, ETF Application emerge key catalyst

Solana has cemented its position as a standout performer in 2024, fueled by memecoin adoption and ETF approval speculations. Since the Solana Saga phone’s launch triggered a breakout in BONK’s price in late 2023, the Solana ecosystem has transformed into a hub for memecoin activity, driving substantial network engagement.

As of November 18, 2024, Solana (SOL) is trading just 7% below its all-time high (ATH) of $259.52, recorded in 2021. The native SOL token has rallied over 50% this month alone, bolstered by surging interest in Solana-hosted memecoins, such as BONK and Dogwifhat (WIF).

Why is Solana price going up? 

The recent market activity reflects that SOL ongoing rally has coincided with intense demand for  memecoins and increased trading activity across Solana-based DEX’s like Jupiter and Raydium have growing ecosystem-wide adoption.

Additionally, Solana has gained tailwinds from increased speculation around a Solana ETF application, with investor optimism growing amid speculation regarding SEC Chair Gary Gensler’s possible exit. These developments are seen as critical catalysts that could spur further institutional and retail interest in SOL.

SOL price forecast: Solana bulls eyeing new all time highs above $260 

SOL/USD daily chart highlights a 56% uptrend over the last two weeks, with Solana trading at $242 as of November 18, 2024. The Parabolic SAR indicator has consistently displayed bullish momentum, with the dotted markers positioned well below the candlesticks, signaling sustained upward strength.

This momentum is supported by the Bull-Bear Power (BBP) indicator, which shows a robust positive value of 53.28, reflecting strong buying interest.

As SOL approaches its all-time high of $259.52, a breakout above the psychological resistance level of $250 could clear the path for new records above $260. If bullish momentum persists and broader market sentiment remains favorable, SOL could target $275 in the coming week.

However, a failure to hold the $220 support may trigger a retracement toward $209, where further demand could stabilize the uptrend.

2. Binance Coin: BNB Price 13% Away from ATH as Exchange Milestones Bolster Sentiment

Binance Coin (BNB), the native token of the Binance ecosystem, is making significant strides, now trading just 13% below its all-time high (ATH) of $718.88 recorded in June 2024. As of November 18, 2024, BNB is trading at $612, having gained over 20% in November alone.

 

The asset is riding a wave of optimism fueled by Binance’s ecosystem growth and pivotal market milestones.

Why is BNB Price Rising?

BNB’s ongoing rally is closely tied to Binance’s continued dominance in the cryptocurrency market. Recently, Binance achieved a staggering $100 trillion in cumulative spot and derivatives trading volume, reinforcing its position as the largest cryptocurrency exchange globally.

This milestone has spurred renewed interest in BNB, as it is central to the exchange’s operations, from trading fee discounts to utility across Binance Smart Chain (BSC)​

Additionally, Binance has expanded its global footprint, launching mobile payment integrations across six African nations and pushing initiatives that enhance crypto adoption. The reduced token supply due to Binance’s quarterly burns continues to act as a strong price-support mechanism, contributing to the bullish momentum.

BNB Price Forecast: Imminent breakout towards $720?

BNB/USD’s daily chart reflects a bullish trend, with the Parabolic SAR consistently signaling upward momentum. The Relative Strength Index (RSI) has climbed above 70, indicating strong buying pressure but cautioning potential overbought conditions.

BNB is nearing the psychological resistance of $620, a crucial level that could pave the way for a test of $650 in the near term. Should bullish momentum persist, the token could rally to new highs above $720, setting a target of $750 in the coming weeks. However, failure to hold support at $580 could see BNB retrace toward $540 before attracting fresh buyers.

3. TRON (TRX) Just 8% Away from ATH as Adoption Peaks

TRON (TRX) is riding a bullish wave, trading at $0.203 as of November 18, 2024, just 8% below its ATH of $0.220 recorded earlier this year. TRX has surged over 25% in November, driven by growing ecosystem adoption and strategic partnerships.

Why is TRX price going up?

The latest rally in TRX stems from its dominance in the decentralized finance (DeFi) and NFT sectors. TRON’s total value locked (TVL) recently surpassed $16 billion, positioning it as one of the top three blockchain networks globally.

TRX’s use in high-volume cross-border payment systems, especially in Asia, has further cemented its utility, driving transaction volumes to record highs.

The Defillama chart shows that Tron TVL is trend above $7.35 billion mark, nearly 25% short of its all time high of $10.4 billion recorded in March 2024. This shows that TRX price still has ample room for growth before reaching saturation.

In terms of ecosystem adoption, TRX has benefited from the growth in stablecoin transactions after Trump’s win sparked increased capital inflows towards the crypto markets.

In recent years TRON founder Justin Sun has also been actively promoting the network’s advancements, including integrations with major Web3 projects, which continue to attract institutional and retail interest.

By entering strategic partnerships with several Asian financial institutions, TRX remittance services has grown considerably. Likewise the low fees and fast transaction speeds on the TRC-20 network, has made Tron one of the popular networks for stablecoin transfers globally.

TRX Price Forecast: $0.25 Breakout in Focus

The Balance of Power (BoP) indicator highlights robust buying interest, signaling that TRX’s bullish trend is likely to continue. A breakout above $0.21, its current resistance level, could propel TRX toward $0.22, with the potential to set new highs around $0.25.

However, caution remains as the RSI nears overbought territory. A correction could push TRX to retest support at $0.19, where demand may stabilize and reignite its upward trajectory.

In summary, Solana, Binance Coin, and TRON, 3 major mega cap altcoins are  approaching or testing key resistance levels. If current market conditions persist, the could witness all-time highs for these altcoins in the coming days.