The crypto market is known for its volatility and altcoins play a crucial role in this dynamic ecosystem. As we look ahead to 2024, predicting the price movements of altcoins becomes a speculative exercise based on various factors such as technological advancements, market sentiment, regulatory developments, and macroeconomic trends.
In this article, we will explore some key altcoins and offer predictions for their potential performance in 2024.
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Ethereum (ETH)
Ethereum has a very robust legacy in the crypto industry, ranking next only to Bitcoin, and boasts of a market capitalization of $275,825,443,724.
While Ethereum has faced enormous criticism from top market analysts this month, its legacy as the first and biggest smart contract network can fuel a major increment in its adoptionand ultimately price shortly.
With its thriving ecosystem, Ethereum maintains a price target of $3,500 by the end of 2024.
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Polkadot (DOT)
If Polkadot, currently trading at $7.97 successfully positions itself as a hub for cross-chain communication, analysts predict its value may climb to $8.37 next year. The plans to sunset parachain auctionson the Polkadot network could be a key driver for DOT’s price in 2024.
On the weekly time frame, Polkadot is currently trending bullish with the 50-day moving average currently sloping up and below the current Polkadot price, which could act as a support the next time it interacts with it.
Solana (SOL)
Solana has gained prominence for its high output and low transaction costs. Notably, Solana is back on the rise after flipping the resistance at $70 and turning it into its medium-term support. The protocol’s growth came despite exposure to the bankrupt exchange FTX and the accompanying selloffs.
The well-acclaimed Ethereum killer has steadily climbed in value this year, reaching a yearly high of $96.69 after plummeting to $8 following the crash of FTX.
Solana has seen 17/30 (57%) green days and 12.15% price volatility in the past 30 days and if the Solana ecosystem continues to attract developers and projects, analysts project that SOL’s price could climb to $150 in 2024.
XRP
XRP, which is closely associated with Ripple Labs Inc has increased 68% in the last year and is currently trading at $0.622 as of the time of writing.
XRP’s bullish resurgence started with Ripple’s landmark win against the US Securities and Exchange Commission (SEC) in July. Although the case is likely to be resolved in 2024, the historical victories Ripple has had against the SEC show that the coin has a bright future.
Based on past XRP price movements and BTC halving cycles, the yearly low XRP price prediction for 2024 is $ 0.423835. Meanwhile, the price of XRP is expected to reach $ 1.707555 next year if the expected market boom truly emerge
Chainlink (LINK)
Chainlink, with a market cap of $8.76 billion, has performed remarkably well in the 2023 market rebound. It presently ranks 13th in terms of market capitalization in the crypto industry. However, LINK prices are 70% lower than their all-time high of $54.40.
The token, native to one of crypto’s most sought-after Oracle protocols, is trading at $15.42 at the time of writing. The recent increase in LINK price suggests a bullish breakout of a rounding bottom pattern in the daily chart, with a target of $16.56.
As projected, if LINK price rises above $20, the released trapped momentum will enhance the altcoin’s value. The breakout rally, combined with the highly anticipated altcoin season of 2024, will drive LINK prices to a new all-time high of $60. However, if there is a decline in mid-2024, a retest to $20 is also possible.
Chainlink has the right fundamentals and adoption spree to record the projected $60 price target.
Avalanche (AVAX)
Avalanche has had a stunning reversal after rising to new heightswith a promising start in 2023. The coin’s price, currently trading at $44.97 is a major showcase of resilience seeing AVAX drop as low as $9.11 for the year
While the current scenario for AVAX shows anything is possible, a more shiny silver lining is ahead. If the market starts a bullish cycle, the AVAX coin price might rise. In this case, AVAX can swing high to $80 by the end of 2024. This would be a big comeback and a source of hope for investors.
In contrast, if the market remains dominated by sellers and bearish sentiment persists, AVAX may experience additional downward pressure. If that were to happen, the coin’s price might plummet to a dangerous low of $22.
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- About author
- Disclaimer
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
