Historically, December has been a strong month for the cryptocurrency market, and December 2024 may also follow that trend, especially for altcoins. BeInCrypto has selected the key altcoins to watch out for towards the end of the year.
This list focuses on cryptocurrencies that have major events that could impact their prices in December. While some altcoins may lack such momentum, these notable picks are worth closely monitoring this month.
Hyperliquid (HYPE)
Topping the list of altcoins to watch in December 2024 is Hyperliquid (HYPE), the token of a Layer-1 blockchain that was launched about a week ago. Despite the rewards being airdropped to some early users, HYPE's price has surged over 200% since its launch.
At the time of reporting, HYPE's price had risen to $9.51, despite not being listed on any centralized exchanges (CEXs). In most cases, such altcoins can see increased demand and price appreciation when launched without CEX listings.
Considering that HYPE is recording daily trading volumes in the millions of dollars, it is likely to be one of the top 5 altcoins to watch out for towards the end of the year, as its price is expected to rise further in December.
Sui (SUI)
Market observers will not be surprised to see SUI selected as one of the altcoins to watch in December 2024. Over the past few months, this token has consistently been one of the best-performing cryptocurrencies, rising 75% in the last 30 days.
The high interest in SUI primarily stems from the scheduled 210 million token unlock today. Such events often trigger volatility and increase supply, but SUI has historically shown strong price movements in the weeks following an unlock.
Therefore, based on past precedents, SUI could deliver strong performance this month as well. From a technical perspective, SUI's price is trading above the 20-day and 50-day Exponential Moving Averages (EMAs).
Generally, when the price is above these levels, it indicates a bullish trend. If it were below, it would have signaled a bearish trend.
With SUI currently trading at $3.40, it has the potential to surpass $4.40 in December 2024. However, if the token experiences high selling pressure, this may not occur, and the price could drop to $2.38.
Fantom (FTM)
Fantom would be a glaring omission from the list of altcoins to watch in December 2024, as the highly anticipated Sonic upgrade is scheduled to be launched on the mainnet this month.
Ahead of the development, FTM's price has reached $1, a 60% increase over the past 30 days. On the daily chart, this altcoin has formed an inverse head-and-shoulders pattern, indicating a reversal from bearish to bullish.
At the time of reporting, FTM is trading at $1.03. However, with the rising Bull Bear Power (BBP), this suggests a bullish dominance, and the price could reach $1.14 in the short term.
Additionally, the Sonic mainnet launch in December 2024 could propel the cryptocurrency towards $2, but this may be negated if selling pressure increases.
Aptos (APT)
Aptos is another Layer-1 token worth watching in December. Similar to SUI, Aptos has a scheduled token unlock of around $135 million this month.
Interestingly, Aptos and SUI share a common pattern - both tokens often see price appreciation following an unlock. Based on past precedents, APT could end December on a positive note.
From a technical perspective, APT has formed an ascending triangle, which is a bullish pattern. This technical pattern suggests that the altcoin's value can continue to increase as long as trading volume increases and demand surges.
Therefore, APT could potentially rise to $20 next month. However, traders should be cautious, as a severe supply shock could cause APT to drop to $10.97.
Bonk (BONK)
The final altcoin on the list to watch in December 2024 is Bonk, the most valuable meme coin on the Solana blockchain. BONK is included in this list due to its planned token burns, which aim to reduce supply and increase its value.
Previously, BeInCrypto reported that BONK intends to burn 1 trillion tokens before Christmas. If this goal is achieved, the altcoin's price could experience a significant surge.
While BONK's price has recently retreated from local highs, the daily chart shows strong support at $0.0000043. Considering this outlook, the price could rebound from this level and rise to $0.000059 or higher.
However, if BONK holders realize their profits in December, this forecast may be invalidated, and the meme coin's value could drop to $0.000035.
