SUI
Market observers may not be surprised to see SUI ranked as one of the altcoins to watch in December 2024. Over the past few months, the token has consistently ranked among the best-performing cryptocurrencies, increasing 75% in the last 30 days.
The excitement around SUI largely stems from the unlocking of tokens worth $210 million scheduled for today. While such events typically cause volatility and increased supply, SUI has historically shown upward price action in the weeks following the unlock.
Therefore, if history is any guide, SUI could deliver another strong performance this month. From a technical standpoint, SUI's price is trading above both the 20-day and 50-day exponential moving averages (EMA).
Typically, when the price is above this point, it indicates an uptrend. Assuming it is below, it would indicate a downtrend.
Daily analysis of Sui. Source: TradingView
With SUI trading at $3.40, it could potentially rise above $4.40 by December 2024. However, if the token faces high selling pressure, this may not happen. In that scenario, the price could drop to $2.38.
FTM
Without Fantom, the list of altcoins to watch in December 2024 would be incomplete. This is due to the highly anticipated Sonic upgrade, which will allow for increased throughput, launching on Mainnet this month.
Prior to the development, the price of FTM hit the $1 mark, thanks to a 60% increase in the last 30 days. On the daily chart, the altcoin formed an inverse head and shoulders pattern, indicating a reversal from bearish to bullish.
At the time of writing, FTM is trading at $1.03. However, with the bullish bear power (BBP) increasing, indicating bulls are in control, the price could reach $1.14 in the short term.
Daily analysis of Fantom. Source: TradingView
Furthermore, the launch of the Sonic Mainnet in December 2024 could push the cryptocurrency up to $2 but may be invalidated if selling pressure increases.
APT
Aptos is another Layer 1 token worth watching in December. Similar to SUI, Aptos is scheduled to unlock tokens worth about $135 million this month.
Interestingly, Aptos and SUI share a common pattern: both often experience price increases after their token unlocks. If history is any indication, APT could close December with a positive return.
From a technical perspective, APT has formed an ascending triangle, which is bullish. This technical pattern suggests that the value of the altcoin could continue to rise as long as volume increases and demand grows.
Daily analysis of Aptos. Source: TradingView
If this is the case, APT could rise to $20 next month. However, traders should be cautious. If the supply shock is extreme, this may not happen, and APT could drop to $10.97.
BONK
Finally, on the list of altcoins to watch in December 2024 is Bonk, the most valuable meme coin on the Solana blockchain. BONK makes this list due to its token burn plan, aimed at reducing supply and thus increasing value.
Previously, BeInCrypto reported that BONK aims to burn 1 trillion tokens before Christmas. If this goal is achieved, the price of the altcoin could experience a significant surge.
While the price of BONK has recently decreased from a local high, the daily chart shows strong support at $0.0000043. Considering this outlook, the price could bounce from this point and potentially rise to $0.000059 or higher.
Daily analysis of Bonk. Source: TradingView
On the other hand, if BONK holders take profits in December, this prediction could be invalidated and the meme coin's value could be $0.000035.
