October has historically been a bullish month for altcoins and cryptocurrencies in general. With significant momentum gained, supported by growing demand and favorable market conditions, many altcoins are also close to breaking their previous all-time highs.
This analysis highlights four altcoins that are set to see massive growth in the coming months and how they could reach all-time highs in October 2024. The list includes LayerZero (ZRO), Sui (SUI), Binance Coin (BNB), and MANTRA (OM).
Binance Coin (BNB)
The list of altcoins that have the potential to reach new highs would be incomplete without BNB. Market participants, largely driven by the early release of former Binance CEO Changpeng Zhao, believe that the development confirms the return of the bull market.
Therefore, BNB price could benefit greatly from this. Today, the altcoin is priced at $602.20. Based on the daily chart, the coin has managed to reclaim this area after breaking out of the downtrend line on September 8.
However, despite the high Chaikin Money Flow (CMF), the chart below shows that BNB is in the overbought zone. This is because the CMF reading has reached 0.20, which indicates the above-mentioned condition.
Because of this, the price of BNB may drop for a short period. But before the end of October, the altcoin price may cross $700 and move to a new high near $725.
However, traders should be careful. The absence of buying pressure next month may render these predictions invalid. In this case, the BNB price may drop to $564.
sui (sui)
Sui is another altcoin that could hit an all-time high in October 2024. As of this writing, SUI is trading at $1.62, up 94.95% over the past 30 days. The altcoinâs performance can be tied to the Grayscale SUI Trust, which the asset management firm launched a few weeks ago.
Besides, the token is also seeing significant demand, with some predicting it to be the Solana (SOL) of this cycle. Currently, SUI is 25% away from breaking its previous high. According to the daily chart, SUIâs attempt to retest $2 was rejected by resistance around $1.77.
Zero layer (ZRO)
LayerZero is a cross-chain operating protocol designed for cross-chain communication between blockchain networks. Its native token, ZRO, is currently trading at $5.06, up 27.70% in the last 30 days.
The surge in ZROâs price is linked to the projectâs recent decision to reallocate unclaimed airdrops to active wallets. This move has sparked a fresh wave of investor interest in the token, which is now down 7.72% from its all-time high of $5.57.
As a result, LayerZero is one of the altcoins that is expected to surpass its previous peak in October. On the daily chart, the price of ZRO has formed an ascending triangle, which has seen the token reach its lowest levels, indicating bullish momentum.
Mantra (Om)
OM, the token of the global real asset project MANTRA, is fourth on this list. Interestingly, this isnât the first time OM has appeared on the list of altcoins that have the potential to hit a new all-time high. In August, the token was there.
At press time, OM is trading at $1.23, down 13% from its all-time high of $1.42. From a technical perspective, the token could head towards $1.50. One reason for this bias is the exponential moving average (EMA), which measures directional trends, and the expected MANTRA Mainnet launch.
On September 12, the 20 EMA crossed above the 50 EMA. This crossover is called a golden cross, indicating an upward trend for the altcoin. If this continues, the price of OM could break the resistance level at $1.29. With support at $1.22, the token could rise by 22% and reach $1.50.
