Traders aim for high profits from altcoins as the bitcoin price consolidates

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Optimism across the cryptocurrency ecosystem continues to grow on August 16 as multiple altcoins hit double-digit gains and Bitcoin (BTC) bulls defend the $ 46,000 support level.

Data from Cointelegraph Markets Pro and TradingView shows that the biggest winners over the past 24 hours have been Solana (SOL), Presearch (PRE) and Arweave (AR).

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Top 7 coins with the highest 24 hour price change. Source: Cointelegraph Markets Pro

SOL reaches a new all-time high

In the past 24 hours, SOL price soared to a new high of $ 69.13 as excitement over the protocol’s new decentralized exchange (DEX) helped drive demand for SOL.

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for SOL on August 11, ahead of the recent price surge.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (green) vs. SOL price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for Solana went green on August 10th, hitting a high of 77 on August 11th, about 4 days before rising 62% the next day.

PR pushes up

The Presearch project is a blockchain-based, decentralized search engine run by the community that allows users to search privately and reward them for their activity.

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for PRE on August 14 ahead of the recent price hike.

VORTECS ™ Score (green) vs. PRE price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for PRE climbed into the green on August 13th, reaching a high of 70 on August 14th, about 26 hours before the price rose 102% the next day.

AR wins 32%

Arweave is a decentralized storage network that uses a new type of storage that backs up data by “sustainable and permanent means” that allow users and developers to store data forever.

According to data from Cointelegraph Markets Pro, market conditions have been favorable for AR for some time.

VORTECS ™ Score (green) vs. AR price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for AR has been in the green for most of the past week, hitting a high of 72 on August 14, about 30 hours before the price rose 65% the next day.

Enthusiasm for the project increased over the past week, and daily transactions in the network kept reaching new record highs.

The total market cap of the cryptocurrency is now $ 2.005 trillion, and the dominance of Bitcoin is 43.5%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.