Many cryptocurrencies this month have shown signs of being ready to erase the losses they experienced in the second quarter of 2024. While some managed to achieve this, others were not as lucky as July ended.
In August 2024, investors will keep an eye on cryptocurrencies that perform well and more importantly, those that can reach all-time highs (ATH). This analysis focuses on the top four cryptocurrencies with such capability
Mantra (OM)
If Mantra's staggering 1956% rise (OM/USD) this year is something to look at, it could soon become a household name in the cryptocurrency market. Over the past 30 days, the value of the small cryptocurrency has increased by as much as 50.15%.
This amazing move made it the best-performing cryptocurrency in July. For August, the Mantra symbol could continue to rise and possibly surpass an all-time high. The all-time high for OM is $1.42, which it reached on June 22.
However, the currency's current price of $1.17 means it only needs an increase of about 18% to surpass all-time highs. According to the data on the network, OM may be able to achieve this in August 2024 due to the inflows coming from institutional investors who collect the token
Based on IntoTheBlock data, the number of addresses holding 1 million to 10 million OM has risen dramatically in the past 30 days.
This proves the growing demand for the Mantra token. If this continues in August, the OM price could revisit its all-time high and possibly approach $2
SOL)
A few days ago, Solana (SOL) achieved a new year-on-year rise in terms of open interest. In the same period, active addresses on the network reached their highest level in nearly three years.
This data suggests that Solana's price may soon reach an all-time high. On July 29, Solana reached $194.40.
At $183.41, Solana is 29.60% below an all-time high. If the token performs slightly better than it was in July, it could reach an all-time high. One reason for this prediction is Solana's superiority over Ethereum (ETH). Sometime in July, Solana's price outperformed Ethereum by 42.50%, reinforcing its position as the lead leader of the course.
For example, when the month began, 1 solana was equal to 0.040 Ethereum. But at the time of writing, it is now 0.050 Solana. If this dominance continues and Solana manages to break the $200 barrier, this could be the catalyst that helps him surpass $260 and finally lead to new all-time highs
Toonquin (TON)
Despite facing decisive resistance, Tonkcoin is one of the cryptocurrencies that could hit an all-time high in August 2024. At the time of writing, TON is trading at $6.78, and as with OM, the symbol is down 17% from its peak
From a technical perspective, TON/USD seems to have seen vendors exhaust and slowly climb the charts. The Relative Strength Index (RSI) also supports this forecast, as the symbol seems to be building bullish momentum.
If this continues, the TON price could surpass the $7.45 resistance and revisit $8.33. Once this happens, it may be relatively easy to approach a higher value that becomes a new high
Jupiter (JUP)
JUP is the token of Jupiter Exchange, a decentralized stock exchange complex built on the Solana network. This analysis includes JUP/USD based on an earlier report from beIN Crypto that the project plans to cut supply by 30%.
However, supply reduction is usually good for prices in the cryptocurrency market, and this was evident in the rise of JUP when the move became known to the public. However, this proposal is subject to a vote, and the result is expected to be approved when it is announced in the first week of August 2024, and with the RSI rising significantly, this means that the momentum and sentiment around the digital currency is positive.
The all-time high for JUP was $2.04 in January. At the time of writing, it is trading at $1.08, but in the first quarter, the symbol has seen 100% increases in short periods. So, if the venture reduces supply, something similar could happen, leading it to reach a new all-time high of $2.16
