Crypto Cheer: 3 Names Primed for a Santa Rally
Bitcoin (BTC-USD) and Ethereum (ETH-USD) are staples for investors, but potential millionaires may find small-cap altcoins intriguing. These tokens carry higher risks and limited regulatory protection, offering a speculative yet thrilling opportunity. However, anticipated events, including significant halvings and potential interest rate decreases, set the stage for substantial crypto value surges.
As Bitcoin soared, investors explored lesser-known cryptocurrencies for potential gains. Three such coins with promising catalysts and smaller market caps offer additional upside potential compared to well-known names.
So, for those betting on a Santa Claus rally to close out 2023, explore these three cryptos, each with excellent momentum right now.
Solana (SOL-USD)
Recently, Solana (SOL-USD) has witnessed a rebound in its total address count, reaching pre-FTX implosion levels. The surge indicates growing sentiment. And, this is especially true with the upcoming airdrop season, one of many for Solana, according to Messari.
Also, Solana’s user count appears to be poised for significant continued growth with upcoming native token launches. Projects like Jupiter, Marginfi, Drift, Zeta, and JitosSol are expected to contribute, notes Messari.
Historically, the pattern indicates that during Solana’s rally periods its user count surges at a rate 2.5 times its market cap. For example, this year Solana experienced a remarkable 528% price increase, rebounding from challenges faced in late 2022 due to FTX’s collapse. Moreover, a recent move into the mobile crypto market included the launch of the Saga phone. That signifies a strategic expansion of Solana’s decentralized presence and a broadening user base. Hence, the cryptocurrency, priced at $57, continues to attract significant interest from investors and users.
Avalanche (AVAX-USD)
Next, Avalanche (AVAX-USD) gains traction in real-world asset (RWA) tokenization, attracting financial institutions like Citi and JP Morgan. In fact, Bank of America foresees a $16 trillion valuation for asset tokenization in 5-15 years, fueled by Avalanche’s growing role. Daily transactions surged from 158,000 to 6.36 million.
Additionally, Avalanche is experiencing a significant recent price action, surging over 7% in a day. And, it doubled investors’ net worth in the past month with a 102% gain. Starting November in a range of $11.82 to $13.18, the market gained momentum. It broke multiple resistance levels, achieving a 43% value jump within three days, with a subsequent rejection at $18.94.
So, with a price above $22.34, Avalanche’s AVAX token appears poised to regain momentum, targeting a resistance level of $23.58. Bullish strength could extend the rally, aiming for an upper resistance level of $24.75. Sustaining this level would set the stage for Avalanche to test its monthly high of $25 per token.
Fetch.ai (FET-USD)
Finally, Cambridge-based AI company Fetch.ai (FET-USD) was founded in 2018 in a collaboration with Imperial’s AI initiative. Utilizing I-X’s AI researchers, Fetch.ai aims to create a “new AI economy” with its platform. DeltaV connects users to services through AI agents. Further, the technology extends to businesses, enabling autonomous AI agents for tasks like supply chain optimization.
Rekt Capital, a prominent market analyst, has taken notice of Fetch.AI’s performance, predicting an imminent uptrend for FET. The analyst suggests that maintaining the current trend and establishing support above $0.2626 could lead to a potential parabolic run.
Despite facing security challenges, Fetch.ai has secured significant funding and strategic partnerships, including one with Bosch. With innovations aligning with the success of OpenAI’s large language model, the integration of autonomous agents positions FET as a compelling cryptocurrency for potential investment.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
