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Home»ALTCOIN NEWS»Why the 2024 Altcoin Season Could Fuel a Rally for These 6 Tokens
ALTCOIN NEWS

Why the 2024 Altcoin Season Could Fuel a Rally for These 6 Tokens

By Crypto FlexsSeptember 20, 20244 Mins Read
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Why the 2024 Altcoin Season Could Fuel a Rally for These 6 Tokens
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Cryptocurrency investors and analysts are claiming that the 2024 altcoin season may have just begun, with several fundamental factors signaling this, including Bitcoin (BTC) continuing to break above $63,000.

Optimism grew as the outlook for the U.S. economy improved after the Federal Open Market Committee (FOMC) decided to cut interest rates by 50 basis points in September.

Crypto Banter Founder Highlights Tokens That Are Suitable for Altcoins

Crypto Banter, a popular YouTube channel with over 1.08 million subscribers, says the 2024 altcoin season is starting. Founder Ran Neuner cites the Fed’s rate cut, increased global liquidity, and the all-time highs seen in money market funds on Wednesday. He also lists six tokens that are best positioned to rally once the altcoin season begins.

Sui

The analyst starts by highlighting Sui (SUI) as a prominent token, noting that it is gaining market importance and could even pose a threat to Solana (SOL). SUI has made headlines with major partnerships, including Circle’s USDC integration. Grayscale also recently launched Sui Trust, which has seen a significant increase in price and trading volume.

Ran Noiner believes these strong fundamentals set the stage for SUI to achieve short-term success, especially if the altcoin season unfolds.

FTM

The analyst also highlighted Fantom (FTM) as a promising altcoin, noting its strong price performance. FTM has been in the spotlight following recent internal developments, including its rebranding to Sonic Labs in August.

The rebrand has rekindled investor interest, paving the way for Fantom to grow further. Sonic Labs is building on this momentum by launching Sonic Gateway, a decentralized bridge that enables secure ERC-20 token transfers between Ethereum and Sonic.

According to BeInCrypto data, these developments have given FTM a boost, which has gained 10% since the start of Thursday’s session to trade at $0.33.

Small and medium-sized enterprises

ImmutableX (IMX) is also on the list of alternative coins that will rally in the possible alternative season of Crypto Banter. The gaming token has effectively confirmed the reversal by breaking above the falling wedge pattern. Based on this breakout, analysts are expecting a bullish trend.

Read more: What is Altcoin Season? A Comprehensive Guide

IMX/USDT 2-day chart, Source: TradingView

Aero

Portfolio rebalancing also takes into account Aerodrome (AERO), as its centralized trading and liquidity markets continue to thrive on Base L2. AERO’s underlying fundamentals are based on Aerodrome’s MetaDEX model, combining the best aspects of the previous decentralized exchange market leaders.

“When evaluating the implicit outcomes of Aerodrome through a model, it is clear that token inflation itself is not inherently bad. Instead, emissions are just one input to the economic model. It is a cost that can be managed and overcome,” the DeFi researcher echoed.

brush

If the assumption is correct, Solana (SOL) could be in line for a strong rally given its impressive track record of gains during altcoin market surges. Solana is a key player to watch as it often outperforms when broader altcoin momentum is on the rise.

According to BeInCrypto data, SOL is currently trading at $141.53, which is up 10% over the last 24 hours.

for

MANTRA (OM) has been on the analyst list since its 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 significant step in integrating traditional finance (TradFi) into the blockchain ecosystem and will create new opportunities for MANTRA’s growth.

Learn more: How to invest in real-world crypto assets (RWA)?

Ran Neuner also highlighted several other tokens that are seeing strong rallies, including Arweave (ARV), THORChain (RUNE), Render (RNDR), Crown by Third Time Games (CROWN), and SuperVerse (SUPER). These tokens have delivered steady and conservative returns despite recent market uncertainty, positioning them for further gains as altcoin season begins.

However, Neuner advises investors to keep an eye on the Bank of Japan’s (BOJ) CPI and interest rate decisions on Friday. He warns that if the BOJ raises rates, the current rally could be disrupted and potentially lead to a market reversal. On the other hand, if the BOJ cuts rates, it could strengthen the ongoing upside momentum.

“Don’t be overconfident. We need good CPI from Japan tomorrow and the BOJ not to raise rates on Friday. There is still a chance of liquidity drying up in September so don’t go overboard with leverage. It’s only 8 more days until it really goes up,” wrote GamesMasterFlex.

disclaimer

BeInCrypto is committed to unbiased and transparent reporting in compliance with the Trust Project guidelines. This news article aims to provide accurate and timely information. However, readers are encouraged to independently verify facts and consult with experts before making any decisions based on this content. Please note that our Terms of Use, Privacy Policy, and Disclaimer have been updated.

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