December has historically been a strong performing month for the crypto market, and this trend is expected to continue in 2024, especially for altcoins. Crypto analyst Victor Olanrewaju has identified the key altcoins to watch as the year draws to a close. This list, which includes SUI coin and FTM, focuses on cryptocurrencies that were shaped by significant events that could affect price action in December. While some altcoins lack such driving forces, these picks are among the projects to watch closely.
HYPE and SUI Coin Featured on the List
According to the analyst, the Hyperliquid (HYPE) token, which was launched just a week ago, is at the forefront of altcoins to watch in December 2024. Since its launch, HYPE’s price has increased by over 200% despite being airdropped to its users. HYPE has currently risen to $9.51 despite not yet being listed on any centralized exchange. Usually, such altcoins can see higher demand and increase their prices before they are listed on centralized exchanges. Therefore, as HYPE’s trading volume grows day by day, its price is likely to rise in December, which puts it at the top of the list of altcoins to watch as the end of the year approaches.
SUI coin is also among the altcoins to watch in December 2024. Over the past few months, the SUI token has been one of the best-performing cryptocurrencies, gaining 75% in the last 30 days. The excitement around the SUI coin is due to the $210 million token unlock scheduled for today. Such events usually trigger market volatility and increase supply, but SUI has shown bullish movements after unlocks in the past. According to the analyst, if the past trend continues, the SUI coin could perform strongly in December. Currently trading at $3.40, the price of SUI could rise to $4.40, but if there is high selling pressure, the price could fall to $2.38.
Prospects for Phantom, APT, and BONK
Another important part of the list of altcoins to watch in December 2024 is Fantom (FTM). The launch of Fantom’s highly anticipated Sonic upgrade on Mainnet this month could lead to volatility in FTM’s price. FTM, which has gained 60% in the last 30 days, has reached the $1 level. On the daily chart, the altcoin has formed an inverse head and shoulders formation and is currently trading at $1.03. According to the analyst, the Bullish Bearish Force (BBP) is rising and FTM is likely to rise to $1.14 in the short term. Furthermore, the Sonic Mainnet launch in December could push FTM to $2, but increasing selling pressure could negatively affect price movements.
Aptos (APT) is another Layer-1 token to watch out for in December. Aptos shares a similar model to SUI, and both tokens typically see price increases following major token lockup events. Aptos is also scheduled to unlock around $135 million worth of tokens this month. Looking at historical data, APT is expected to deliver a positive return in December. In a bullish scenario, the price is expected to rise to $20, but in a bearish scenario, it could drop to $10.97.
Finally, Bonk (BONK), which is among the altcoins to watch in December 2024, stands out as the most valuable meme coin on the Solana blockchain. BONK was included in the list due to a token burn plan aimed at reducing supply. It was previously announced that BONK aims to burn 1 trillion tokens before Christmas. If this target is met, there could be a major rally in the altcoin price. However, according to the analyst, if BONK holders realize their profits in December, the price of the meme coin could drop to $ 0.000035.
December 2024 may be notable for the potential growth and volatility of these altcoins, but investors will need to be careful and constantly monitor market dynamics.
