Why These Altcoins Are Trending Today — October 22

The crypto market encountered a setback yesterday as Bitcoin (BTC) fell short in its attempt to reach $70,000. Despite this, several other cryptos managed to maintain their positions on the list of altcoins trending today.

Among these, some coins showcased solid performance, while others trended for different reasons despite not delivering strong results. As of today, October 22, the top three trending altcoins on CoinGecko are Scroll (SCR), Solidus Ai Tech (AITECH), and KOALA AI (KOKO).

Scroll (SCR)

Scroll tops the list of altcoins trending today due to its native token, SCR. On Monday, October 21, Scroll, a leading zero knowledge rollup built on Ethereum, announced the launch of SCR. According to its official statement, the launch also comes with an airdrop for contributors and its community.

“We’ve allocated 55,000,000 SCR tokens (5.5% of the total supply) to participants who have actively contributed to the Scroll ecosystem through their on-chain activities in our Sessions Program. Out of this allocation, 40,000,000 SCR (4% of the total supply) are proportionally allocated among onchain participants who have accumulated 200 or more Marks as of October 19, 2024,” the project wrote.

One reason Scroll is trending is the controversy surrounding its airdrop allocation. On X (formerly Twitter), numerous early adopters are expressing frustration over transacting thousands of dollars on the chain only to receive SCR tokens valued significantly less.

For example, a pseudonymous user with the handle Picolas Cage noted that this allocation means that the project has lost a six-figure DeFi user.

Read more: 10 Best Crypto Exchange Reviews for October 2024

Meanwhile, as seen above, SCR launched at approximately $1.70. However, its value has dropped in the last 24 hours and is currently trading at $1.24. In addition, it might be too early to predict SCR’s next price movement, as it seems to still be in price discovery mode.

Solidus Ai Tech (AITECH)

This is the third time AITECH is on BeInCrypto’s trending altcoins list. This time, the price did not increase as it has seen a modest 3% decline in 24 hours. However, it remains on this list due to the broader market interest in the project

On the daily chart, the Relative Strength Index (RSI) has dropped below the 50.00 neutral region. This suggests that the momentum around the token is bearish, and the recent downturn can accelerate.

If that remains the same, then SCR’s price might retrace to$0.080 from $0.094, where it currently stands. However, if buying pressure increases, the prediction might invalidated, and the trending altcoin’s value might jump to $0.12.

KOALA AI (KOKO)

KOALA AI is another altcoin that has previously appeared on this list. Like the previous time, KOKO is trending because of its massive price increase. 

Over the last 24 hours, KOKO’s price has increased by 125% and currently sits at $0.0000067. Based on the daily chart, the Bollinger Bands (BB) has expanded, indicating a high level of volatility around the cryptocurrency.

However, the upper band of BB has touched KOKO’s price, indicating that it is overbought and a decline looms. Assuming the lower band tapped the price, it would have been termed oversold. 

Read more: Which Are the Best Altcoins To Invest in October 2024?

Considering this current condition, the altcoin’s value might drop by 20% to $0.0000055. On the other hand, if bulls continue to buy the token, it might sustain the uptrend and could rally to $0.0000084.