As overall crypto market activity slows, liquidations have reached $285.48 million in the past 24 hours, affecting 97,882 traders. However, defying the broader market trend, some altcoins have surged, hitting new all-time highs today.

BeInCrypto has identified three crypto tokens that hit all-time highs today, with Dolos the Bully (BULLY) leading the pack.

Dolos the Bully (BULLY)

Solana-based meme coin Dolos the Bully (BULLY) rocketed to a new all-time high today. The meme coin briefly traded at a peak of $0.23 before witnessing a pullback. As of this writing, BULLY trades at $0.20 and continues to enjoy a significant bullish bias.

Readings from its Super Trend indicator assessed on an hourly time frame confirm this. As of this writing, BULLY’s price rests above the green line of this indicator. 

The Super Trend indicator measures the direction and strength of an asset’s price trend. It is displayed as a line on the price chart, with red indicating a downtrend and green signaling an uptrend. When the Super Trend line is below the asset’s price, it confirms an uptrend, suggesting bullish momentum is likely to continue.

If this bullish trend persists, BULLY’s price could reclaim its all-time high. However, should token selloffs commence, the meme coin’s value may drop below $0.19.

Parallel AI (PAI)

PAI currently trades at $0.52. It hit an all-time high of $0.60 today and witnessed a 14% pullback. Despite this, a rebound is possible as bullish pressure continues to strengthen. An assessment of PAI’s Aroon indicator confirms this bullish outlook. PAI’s Aroon Up Line is at 100% as of this writing. 

The Aroon Indicator determines the strength and direction of an asset’s price trend by measuring the time since the asset’s highest high (Aroon Up) and lowest low (Aroon Down) within a set period. When the Aroon Up line is at 100%, a new high was recently achieved, signaling strong upward momentum and the potential continuation of a bullish trend. 

If PAI witnesses a resurgence in buying pressure, its price will revisit its all-time high and attempt a rally beyond it. On the other hand, if selling activity gains momentum, the token’s price may drop toward $0.50. If the bulls fail to hold this level, PAI’s value may dip further to $0.43.

Stonks (STNK)

STNK hit an all-time high of $347.06 today but has since dropped 26%, trading at $263.67 as of this writing. The decline is attributed to a surge in profit-taking activity, which has exerted downward pressure on its price.

Analysis using the Fibonacci Retracement tool on an hourly chart shows that STNK has broken below the support at $268.01, signaling a strengthening of the downtrend. If new demand does not enter the market, its price could decline to $219.10.

On the other hand, if buying pressure increases, STNK may attempt a rally above $268.01, potentially climbing back toward its all-time high.

Tether, the prominent stablecoin issuer, is discontinuing EURT because of the EU’s MiCA regulations. Nonetheless, the firm invested in other MiCA-compliant stablecoins and maintains revenue streams from the European market.

Several competitors have regarded MiCA as an opportunity to disrupt Tether’s EU stablecoin dominance, and the firm has conceded some of this contest.

Tether Reacts to MiCA

This morning, the prominent stablecoin Tether announced via social media that it would discontinue EURT, its Euro-backed asset. The company explained its decision via a blog post, adding that the firm had stopped minting the asset, and current holders would have one year to redeem EURT tokens.

“This decision aligns with our broader strategic direction, considering the evolving regulatory frameworks surrounding stablecoins in the European market. Until a more risk-averse framework is in place — one that fosters innovation and offers the stability and protection our users deserve — we have chosen to prioritize other initiatives,” the post claimed.

In other words, Tether chose this path for one clear reason: the impending Markets in Crypto Assets (MiCA) law in the European Union. MiCA will transform crypto regulations in the EU, and it will particularly rearrange stablecoin dynamics. Earlier in September, multiple large companies openly considered MiCA an opportunity to disrupt Tether’s European presence.

Competitors have already begun entering the EU market with MiCA-compliant stablecoins; the first of which launched in September. Schuman Financial, a company founded by former Binance EU executives, released its own asset yesterday. Other crypto sectors are also taking advantage of MiCA, with Revolut X expanding European trade operations earlier this month.

Still, although Tether has conceded part of this market, the death of EURT does not signal the end of Tether’s interests. The announcement was quite clear that Tether was a major investor in a MiCA-compliant stablecoin from Quantoz. Tether also promoted Hadron, its new solution designed to support issuers in creating and managing stablecoins.

In short, Tether is engaging in a calculated retreat from the European market, not an outright surrender. The company is maintaining several revenue streams in MiCA-compliant stablecoins and may reenter the space at a later date. For now, the company has considerable resources to address this problem.

In the past 24 hours, several cryptocurrencies have made attempts to recover from recent losses, driving renewed interest in certain altcoins. Among the top trending altcoins today is a newly launched asset whose project recently introduced its Mainnet altcoin and has quickly gained traction in the market

Notably, the other two, according to CoinGecko, include a popular altcoin with a lot of market interest and a privacy-based cryptocurrency.

Vector Smart Gas (VSG)

Vector Smart Gas is a recently launched layer-1 network on the Ethereum blockchain that focuses on decentralized Finance (DeFi) and Real-World Asset (RWAs) tokenization. Its native token, VSG, is one of the altcoins trending today, mainly because of its price increase.

In the last 24 hours, VSG’s price has increased by 49% and cumulatively 550% in the last seven days. This development could also be linked to the notion that the token is trending on TikTok— making demand higher.

At press time, VSG’s price is $0.0044. Furthermore, the daily chart shows that the Moving Average Convergence Divergence (MACD) is positive, indicating that the momentum around the altcoin has remained bullish.

Should this remain the case, then VSG’s price might climb much higher. However, if momentum becomes bearish, that might not happen. Instead, the altcoin’s value could decline to the $0.0018 support.

Tornado Cash (TORN)

As mentioned above, Tornado Cash is a privacy-focused cryptocurrency that is part of the trending altcoins today. But besides that, Tornado Cash scored a very huge victory after a US appeal court ruled against the Treasury Department.

As a result, TORN’s price climbed by 396% in the last 24 hours. As of this writing, it is $17.86. According to the daily chart, the volume around the cryptocurrency has also surged, suggesting widespread interest in the token.

As long as the volume increases, the altcoin’s price could climb as high as $39.41. However, if the cryptocurrency holders take profits, this could change, and the altcoin might drop to $12.24.

Solana (SOL)

Last on the list is Solana, one of the best-performing altcoins of the last year. However, unlike TORN and VSG, SOL is not trending because its price has increased. In fact, the token’s value has hovered around $235 within the last 24 hours.

On the daily chart, the Parabolic Stop And Reverse (SAR) indicator has risen above SOL’s price. The Parabolic SAR is a technical indicator that spots support and resistance. 

When the price is above the indicators, there is strong support, and the price can increase. But since it is below it,  Solana’s price faces resistance. Should that remain the case, then SOL could drop to $219.63.

On the other hand, if the altcoin sees a rise in buying pressure, the trend might reverse. In that case, SOL could rise to $264.33.