This month, many cryptocurrencies showed signs that they were ready to offset the losses they experienced throughout most of Q2 2024. Some did, but others were not as lucky as they were in late July.
In August 2024, investors will be watching to see which cryptocurrencies perform well and, most importantly, which cryptocurrencies can hit new all-time highs (ATH). This analysis focuses on the top four cryptocurrencies with such potential.
Mantra (OM)
If MANTRA (OM)’s impressive 1,956% gain this year is anything to go by, it could soon become a household name in the crypto market. Over the past 30 days, OM, a security-first layer01 blockchain token focused on tokenizing Real World Assets (RWA), has gained 50.15%.
This amazing move made it the best performing cryptocurrency in July. In August, the MANTRA token will continue its upward trend and may even surpass its all-time high. OM’s all-time high was $1.42, reached on June 22.
The current price is $1.17 and it only needs to increase by about 18% to surpass this. According to on-chain data, OM could achieve this in August 2024 due to the influx of institutional heavyweights accumulating tokens.
According to data from IntoTheBlock, the number of addresses holding between 1 million and 10 million OM has increased significantly over the past 30 days.
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This proves that the demand for the native token of the MANTRA blockchain is increasing. If it holds in August, the price of OM will revisit its all-time high and probably get a little closer to $2.
Solana (SUN)
A few days ago, Solana (SOL) hit a new yearly high in terms of open interest. During the same period, the network’s active addresses reached their highest level in nearly three years.
These events suggested that the price of SOL could soon reach a new ATH. On July 29, SOL reached $194.40. However, the demand for profit above $200 was not realized as the uptrend was rejected.
At $183.41, Solana is down 29.60% from its ATH. If the token performs a little better than in July, it could hit a new all-time high. One of the reasons for this prediction is its dominance over Ethereum (ETH). At one point in July, the price of SOL was outperforming ETH by 42.50%, solidifying its position as the main leader of this cycle.
For example, when this month began, 1 SOL was worth 0.040 ETH. However, at the time of writing, it is 0.050 ETH. If this dominance continues and SOL breaks $200, it could be a catalyst to break $260 and eventually lead to a new all-time high.
Toncoin (TON)
Toncoin is one of the cryptocurrencies that could reach a new ATH in August 2024, despite facing significant resistance. At the time of writing, TON is trading at $6.78, and like OM, the token is down 17% from its all-time high.
From a technical standpoint, TON appears to be experiencing seller exhaustion and is slowly moving up the charts. The RSI (Relative Strength Index) also supports this prediction, as the token appears to be building bullish momentum.
If it continues, the TON price could rise above the $7.45 resistance level and head back to $8.33. If this happens, it could be relatively easy to approach higher values, which would lead to a new all-time high.
However, if the bulls struggle to break above the resistance line, the possibility of a new ATH for TON may be invalidated.
Jupiter (JUP)
JUP is the utility token of Jupiter Exchange, a decentralized exchange aggregator built on Solana. Its inclusion in this list has solid backing, as BeInCrypto previously reported that the project was planning to reduce its token supply by 30%.
Supply reductions are generally good for prices in the cryptocurrency market, and this was evident in the rally of JUP when the development was revealed. However, the proposal is subject to a vote, with the results expected in the first week of August 2024.
Given the circumstances, it is likely that the Jupiter community will give its approval, especially since the RSI has risen significantly, meaning that the momentum and sentiment towards the cryptocurrency is positive.
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JUP’s all-time high was $2.04 in January. At the time of writing, it is trading at $1.08, but in Q1, the token has increased by 100% in a short period of time. So if the project reduces the supply, something similar could happen and it could reach its all-time high of $2.16.
disclaimer
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