Amidst the recent surge in the cryptocurrency market, the current moment presents an ideal opportunity to identify altcoins poised for substantial returns on investment in 2024.
Finbold delved into the fundamental aspects, considering essential indicators that could predict increased value for specific digital assets. This analysis considered recent developments and overall market sentiment to propose potential altcoins that appear promising for investment.
Solana (SOL)
Solana (SOL) has been one of the strongest performers in the previous weeks, experiencing a significant surge in price, which has seen its value gain an impressive 115.36% in 30 days.
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This value increase is credited with the positive sentiment regarding this digital asset, which has pushed its value over the $60 threshold for the first time since May 2022 and its largest positive sentiment spike from the SOL crowd since November 2022, as per a post on X from Santiment on November 19.
Indeed, amidst the ongoing rally, the cryptocurrency has ascended to the sixth position in market capitalization. Notably, it has resiliently resisted downward pressure from the continual offloading of FTX’s assets and from investors and traders seeking to capitalize on profits. This is a further argument for its resilience and future positive performance.
Avalanche (AVAX)
Recognized for its impressive throughput and robust security features, Avalanche (AVAX), the platform for decentralized applications (dApps) and blockchains, is swiftly emerging as a significant player in the expanding decentralized finance (DeFi) sector. The continued growth of this sector could contribute to an increase in Avalanche’s price over the next year.
In the previous week, AVAX witnessed a notable price surge of 23.68% of its price. This upward movement coincided with the announcement from JPMorgan (NYSE: JPM), the investment banking giant, unveiling a collaborative initiative between its blockchain division Onyx and Apollo Global to introduce a proof-of-concept leveraging the Avalanche blockchain.
These advancements underscore the significance and commitment of this digital project, establishing partnerships with renowned giants in the financial industry. Such collaborations can potentially translate into lucrative returns for its cryptocurrency in the upcoming year.
Polygon (MATIC)
Positioning itself as a practical remedy to address the high transaction fees on other blockchains, Polygon (MATIC) stands out as a Layer 2 scaling platform known for its rapid transaction processing. Its significance is poised to expand further as an increasing number of developers opt to build their projects on the platform, potentially leading to the eventual replacement of MATIC with the POL token.
On November 15, Polygon’s Proof of Stake (PoS) system processed 6.17 million transactions, marking the highest daily transaction volume since October 2021, as highlighted in a post by co-founder Sandeep Nailwal.
This performance underscores the token’s positive sentiment and increased investor optimism, especially considering its recovery from negative year-to-date growth in September to a current year-to-date positive change of 6.02%, with possible future gains on the horizon.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
