In recent months, the overall cryptocurrency market has seen significant gains, especially Bitcoin. This trend appears to present an opportunity for investors, given the widespread expectation of continued profitability. As the year draws to a close, along with the festive season, some cryptocurrencies stand out as opportunities for investors to consider as they aim to reap future rewards. Crypto expert Justinas Baltrusaitis identified 4 altcoins for the New Year’s basket.
First in the basket is Cardano (ADA)
Cardano has an ecosystem that prioritizes scalability, interoperability and sustainability. The project is experiencing significant growth in development activities. This is part of efforts to expand usage areas and increase the value of the token. Notably, the token has had a bull run in recent days. During this period, the altcoin price increased by over 50% in December. That’s why ADA emerges as an attractive choice for a Christmas basket.
This upward trend also finds support in on-chain metrics. For example, data from analytics platform Santiment highlights the increase in the number of wallets. This indicates that gains will potentially continue. Most importantly, technical indicators indicate that ADA is poised for a significant rally. Crypto analyst Tyler Strejilevich previously noted that there is a bullish trend in the moving averages on the weekly timeframe. Past examples of this formation led to a significant increase, taking ADA from $0.041 to an all-time high of $3.09 in 66 weeks. If history repeats itself, the altcoin price could potentially reach $33 by January 2025. At the time of writing, ADA was trading at $0.61. This indicates a loss of 1.5% on the daily chart. However, the token is still in the green on the weekly chart. Besides, ADA is sitting on approximately 57% profit on its monthly chart.
In second place comes the leading altcoin rival Solana (SOL)
‘cryptokoin.com’As you follow from, Solana suffered a significant loss in value during the FTX crash. However, he has recently recovered and shown resilience. Beyond flexibility, Solana is positioning itself for adoption through product offerings and partnerships as well as strategic initiatives. It is worth noting that various initiatives, such as the launch of the Saga smartphone, highlight a potential bullish sentiment for SOL. In this context, device sales increased after it was revealed that the devices came with a free BONK airdrop. Additionally, Solana’s SPL tokens saw increased demand after Coinbase listed them.
Additionally, investment giant VanEck suggested that Solana could surpass Ethereum (ETH) if the network sees more uptake in metrics such as market capitalization, total value locked (TVL), and active users. At the time of writing, SOL is down 1.3% on its daily chart. However, the altcoin price has progressed by over 20% in the last month.
The third altcoin to enter the basket: Polygon (MATIC)
Polygon, a scaling blockchain, is a promising holiday investment backed by significant on-chain activities. MATIC witnessed increased whale activity towards the end of November. MATIC whales bought 120 MATIC in a week. This indicates a bullish trend for the token. Polygon has made significant strides on the development front by introducing Polygon Portal to improve user experience in the Web3 space. In addition, Polygon has completed the testing release for the Miden node. This further adds to the robustness of the network and signals a potential upside. As of last update, MATIC was valued at $0.858. This represents a decline of 5.8% on the weekly chart. Additionally, the altcoin saw a decline of 4.24 on its monthly chart.
The last secret is Avalanche (AVAX), the altcoin loved by Turks.
Avalanche stands out as a cryptocurrency poised to make significant gains amid general short-term market pullbacks. AVAX has witnessed consecutive price increases. Thus, it is trading above the $40 support level. Analysts are predicting a $50 target in the coming weeks, with high-profile investors such as Digital Currency Group (DCG), Galaxy Digital, and CoinShares expressing bullish sentiments for Avalanche by 2024.
At the same time, the bullish scenario is also highlighted by on-chain data reflecting an increase of over 300% in AVAX’s market cap since October, with total value locked (TVL) approaching $1 billion. On the weekly chart, AVAX gained over 33%. At the time of writing, the altcoin was trading at $43.76, up nearly 7% on a daily basis. Meanwhile, AVAX is up nearly 88% in the monthly time frame.
The opinions and predictions in the article belong to experts and analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!