Cryptocurrency investors and experts believe that the 2024 Altcoin season may have already begun, based on several fundamental factors, including Bitcoin (BTC) maintaining levels above $63,000.
This optimism comes after the Federal Open Market Committee (FOMC) decided to cut interest rates by 50 basis points in September, indicating that the US economy is in good shape.
6 Potential Token for Altcoin Season
Crypto Banter, a popular YouTube channel with over 1.08 million subscribers, says the 2024 altcoin season is underway. Its founder, Ran Neuner, cited the Federal Reserve's interest rate cut on Wednesday, increased global liquidation , and All-Time-High in money market funds. He then listed six Token that are best positioned to rally if the altcoin season breaks out.
#1. Sui
The expert began by highlighting the Sui blockchain (Sui) as a prominent Token , noting its growing prominence in the market, even threatening Solana (SOL). Sui has attracted attention with major partnerships, including Circle ’s USDC integration. Grayscale also recently launched the Sui fund , which has significantly boosted both price and volume. Ran Neuner believes that these strong fundamentals will position Sui for success in the short term, especially if altcoin season takes hold.
#2. FTM
The expert also highlighted Fantom (FTM) as a promising altcoin, noting its strong price performance. FTM has attracted attention following recent internal developments, including its rebranding to Sonic Labs in August. The rebranding has sparked new investment interest, putting Fantom in a position to grow further. Sonic Labs is building on this momentum with the launch of Sonic Gateway, a decentralized bridge that enables secure transfers of ERC-20 Token between Ethereum and Sonic .
The development has boosted FTM, which has gained 10% since Thursday's trading session began, trading at $0.33, according to data from BeInCrypto.
#3. IMX
ImmutableX (IMX) is also on Crypto Banter’s list of Altcoins likely to rally in a possible Altcoin season. The gaming Token broke out of a Falling Wedge pattern, confirming an effective reversal. Based on this breakout, analysts expect a bullish wave.
IMX/ USDT 2-day chart, Source: TradingView#4. AERO
The portfolio rebalance also XEM Aerodrome (AERO), as the centralized exchange and liquidation marketplace continues to grow on Base L2. The underlying platform for AERO is Aerodrome’s MetaDEX model, which combines the best aspects of previous decentralized exchange market leaders.
“When we evaluated the implied outcomes of Aerodrome through a model, it became clear that Token inflation, in and of itself, is not a bad thing. Instead, emissions are just an input into an economic model—a cost that can be managed and overcome,”
One DeFi researcher responded .
#5. SOL
If this assumption is correct, Solana (SOL) could be preparing for a strong rally, given its history of delivering impressive returns during altcoin market booms. Solana often outperforms when altcoin momentum expands, making it an important factor to watch. Currently, SOL is trading at $141.53, up 10% over the past 24 hours, according to data from BeInCrypto.
#6. OM
Mantra (OM) was selected by the analyst due to its upcoming mainnet launch in October. This event is expected to be a major milestone for the project, as it will bring real-world assets (RWA) on- chain. The mainnet launch will be a major step in integrating traditional finance (TradFi) into the blockchain ecosystem, creating new opportunities for Mantra's growth.
Ran Neuner also pointed out several other Token that could see strong gains, including Arweave (ARV), THORChain (RUNE), Render (RNDR), Third Time Games’ Crown (CROWN), and SuperVerse (SUPER). These Token have seen steady, albeit cautious, gains amid recent market uncertainty, laying the groundwork for larger gains if the altcoin season takes off.
However, Neuner advised investors to pay attention to the Bank of Japan (BOJ)'s CPI and interest rate decisions on Friday. He warned that if the BOJ raises interest rates, it could disrupt the current rally, potentially leading to a market reversal. Conversely, if the BOJ cuts interest rates, it could reinforce the current rally.
“Don’t get too confident. We need good CPI from Japan tomorrow and the BOJ won’t raise rates on Friday. There’s still some liquidation risk in September so don’t borrow too much, only eight days left and it’s really only going to increase,”
GamesMasterFlex wrote .
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