Uptober is coming soon, and cryptocurrency traders are expecting a market rally, which usually occurs during this period.
As the market prepares for a potential rally, BeinCrypto has compiled a list of altcoins to watch this October.
Celestia (TIA)
On October 31st, $1.1 billion worth of TIA tokens will be unlocked . These tokens were allocated to the original core contributors to the project, research and development efforts, and Series A, Series B, and Seed round investors.
Typically, a large influx of tokens into the market can increase selling pressure. If the market is already bearish or experiencing a general decline, token releases can make things worse.
Read more: 10 Best Altcoin Exchanges in 2024
Currently, TIA is seeing significant upside from market participants. It is trading at $6.42 and is up 10% over the past week. It is expected to continue its upward trend to $12.47 during October, fueled by excitement over Celestia’s recent $100 million funding round .
However, as the token release approaches and excitement dies down, the price of TIA could fall, losing its gains and dropping to $3.72.
Uniswap (UNI)
One reason to watch Uniswap in October is the potential launch of Uniswap V4 in the last quarter of the year. This version of the decentralized exchange (DEX) introduces several key features, including “hooks” for custom liquidity pools, singleton contracts for reduced gas fees, and flash accounting for efficient trading.
Read more: How to buy Uniswap (UNI) and all the information you need
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The anticipation of this upgrade could boost the price of UNI in October. At press time, the altcoin is trading at $7.46 and is up 28% over the past month. If the market’s uptrend continues, UNI could break the crucial resistance level of $9.42 .
SEI
SEI has been in the news a lot lately, and its native coin SEI continues to hit new highs. At $0.45, SEI is the third fastest-growing altcoin in the top 100 by market cap over the past week. Its price has increased by 32% over that period.
Its bull/bear power rating shows a strong bullish trend in the market. This is evidenced by the positive Elder-Ray Index. This index measures the strength of buyers and sellers in the market. At press time, it stands at 0.16, indicating strong buying pressure.
However, the important thing for traders looking to profit from the rally is that SEI’s price could reverse in October. The Relative Strength Index (RSI) is at 73.36, indicating that this altcoin is overbought.
Read more: 11 cryptocurrencies to add to your portfolio before altcoin season
RSI measures the overbought or oversold market condition of an asset. It ranges from 0 to 100, with a value above 70 indicating that the asset is overbought and needs to be corrected, while a value below 30 indicates that the asset is oversold and could soon rebound.
SEI's price correction could be in October, trading at $0.20. However, if demand continues to flow into the market, the coin's price could rise by another 70%, but this is unlikely.
Ripple (XRP)
There is ongoing speculation that the U.S. Securities and Exchange Commission (SEC) will appeal Judge Analysa Torres’ decision in the Ripple case on July 13. The deadline for filing an appeal is October 7. If the regulator goes ahead with this, XRP could lose some of its recent gains.
If the SEC appeal proceeds, selling pressure on XRP will increase. As a result, market sentiment for this altcoin may change from positive or neutral to negative.
Read more: Everything You Need to Know About Ripple vs. SEC
If this happens, the price of XRP could drop by 21% and trade at the $0.46 support level. However, if no appeal is filed, the token could continue its uptrend and trade at $0.74.
Phantom (FTM)
Phantom’s upcoming Sonic Upgrade has been driving FTM’s momentum throughout this month, and is expected to continue into October. Scheduled to launch on mainnet in November, the upgrade will significantly improve network performance by introducing a new Phantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and the Carmen database storage system.
Read more: 9 Best Phantom (FTM) Wallets in 2024
As anticipation for the mainnet launch grows, the price of FTM could rise to $1.02 , which could pave the way for it to reach its five-month high of $1.23.
