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As the broader market regains some bullish momentum, top cryptocurrencies like Tron (TRX) and Solana (SOL) are showing signs of recovery. However, this may not necessarily translate to bullish momentum for these top altcoins, especially as most are seemingly trapped within a resistance zone.
While Tron continues to trade below its monthly resistance zone, and Solana struggles to break past the $250 resistance, savvy investors are beginning to reconsider their choices. While many are looking in the direction of the presale market, a fast-rising presale star— Elluminex (ELX) is on the receiving end of the attention largely because of its enormous prospect.
Elluminex (ELX) is about to rewrite history, not only on the TON blockchain, but one that will change the narrative of the broader crypto market. As a pioneering cross-bridge solution on one of the fastest-growing blockchain networks, Elluminex has been projected to foster the next billion-dollar DeFi market. For context, Elluminex wants to achieve far more than what Jupiter did for Solana, and Uniswap for Ethereum.
At its core, Elluminex combines the tokenomics of its native $ELX token, AI-driven insights, and proprietary premarket features, which is all it requires to revolutionize asset management and trading on the TON blockchain and beyond. While it also doubles as a DeFi Hub, the new platform also houses various tools including a comprehensive Elluminex protocol, an AI-powered portfolio tracker, and an advanced staking and farming mechanism.
These, coupled with its cross-chain liquidity solutions for TON-based projects set it apart from its traditional counterparts. Meanwhile, Elluminex’s proprietary premarket feature offers users early access to TON projects before they go public. Not only does this offer a level playing field for all users, but it also creates a path for all users to become profitable. Now priced at $0.06, the native $ELX token holds a massive potential to debut as the next bullish token.
Despite showing signs of recovery from the recent downturn, Tron's (TRX) price trajectory is still stuck below the monthly resistance level at $26. However, in the past week, Tron's price has been hovering around $0.240 and $0.248, which represents a modest 3% increase.
Despite the recent uptick in price, some crypto forecasters are still skeptical about the current price trajectory. Notably, popular analyst YGCrypto claimed in a recent X post that the native TRX token is currently trading in a downtrend channel and is struggling to break the resistance zone between $0.25 and $0.258.
According to YGCrypto’s analysis, this area is a no-trade zone for now, which requires investors to tread cautiously. On a lighter note, YGCrypto added that a clear breakout above the resistance line could signal a potential trend reversal to the upside. Meanwhile, Tron token's technical analysis, which includes 30, 100, and 200-day Moving Averages, signals a strong buy, perhaps invalidating the current resistance.
Like most altcoins, Solana's (SOL) price also dipped amid the broader market downturn. While it has since made a significant recovery, the SOL token has now reclaimed the levels above the weekly resistance price of $240 after trading as low as $223.
Meanwhile, despite recent retracement, Solana still maintains a generally bullish outlook as it holds on to about 22% price gain in the past month. However, in contrast to this positive trend, the SOL token remains stuck below a secondary resistance zone near $250, following several unsuccessful attempts to break through.
In any case, SOL price momentum exhibits potential for an imminent price breakout. A closer look at SOL token’s technical analysis including short and long-term EMAs and SMAs reveals a strong buy signal. This implies that if the current buying pressure persists, then the SOL price may break through the $250 resistance zone and possibly register a new ATH.
Unlike Solana and Tron which are already established crypto projects, Elluminex is only just setting out. However, its association with the TON blockchain presents a lot of unrealized potential which is big enough to boost its value during this bull cycle and beyond.
Aside from its exposure to TON blockchain’s rapidly growing user base, Elluminex is also one of the pioneering cross-chain solutions within the TON ecosystem. While this presents an unfair advantage for the presale star, it can help it outperform top altcoins like SOL and TRX in this bull cycle.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
