Most altcoins have struggled this quarter and apart from Ethereum, Solana, and some meme coins, others have been performing poorly. However, according to analyst Altcoin Buzz, within these complexities, there are often opportunities. When market sentiment for altcoins is negative, which is currently the case, many strong projects experience price declines driven by market conditions rather than their own fundamentals. He gave a list of three altcoins that have a possibility of exploding in 2024.
Sui has seen a price drop of about 65% in the last three months. It also boasts a loyal community with a high staking percentage, even surpassing Cardano. Moreover, Sui successfully absorbed selling pressure from a major token unlock earlier this spring. The project is also involved in academic research, offering $500,000 in Sui for research awards and grants. Despite the recent price drop, Sui’s fundamentals remain bullish, making the current price of around $0.79 an attractive entry point.
Akash Network was a market favorite from mid-2022 until a few months ago, experiencing a 30x increase from a low of $0.20 in June 2022 to over $6 in March 2024. However, it has since declined by about 40%. Despite this drop, the demand for powerful Nvidia chips like the H100 and A100, crucial for AI applications and crypto protocols, remains strong. This demand explains Akash’s GPU marketplace, suggesting that the recent price decline may present a buying opportunity.
Astar enables multi-chain smart contracts, allowing integration within Polkadot and EVM ecosystems. Despite a challenging market, Astar has performed relatively well over the past year but has seen a 60% drop in the last 90 days. Astar uses Polygon’s ZK EVM to maintain compatibility with Ethereum, providing access to more ETH liquidity and better pricing for trading and DeFi applications.
Also Read: Ripple vs. SEC: XRP lawsuit Nears Conclusion, Verdict Expected in July
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