Historically, December has been a strong month for the crypto market, and December 2024 could follow that trend, particularly for altcoins. BeInCrypto has identified key altcoins to watch as the year comes to a close.
This list focuses on cryptocurrencies with major events in December that could impact their prices. While some altcoins lack such drivers, these standout picks are the ones to keep an eye on this month.
Hyperliquid (HYPE)
Top of the list of altcoins to watch in December 2024 is Hyperliquid (HYPE), the token of the Layer-1 blockchain that launched about one week ago. Since launch, HYPE’s price has increased by over 200% despite distribution rewards in airdrops to some of its early users.
At press time, HYPE’s price had risen to $9.51 despite not being listed on any Centralized Exchange (CEX). In most cases, when altcoins like this launch without a CEX, demand is higher, and hence, the price can increase.
Therefore, considering the millions in volume that HYPE is doing daily, its price is likely to rally in December, making it one of the 5 top altcoins to watch before the year closes.
Sui (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, surging by 75% in the last 30 days.
The excitement around SUI stems largely from today’s scheduled $210 million token unlock. While such events often trigger volatility and increase supply, SUI has historically shown bullish price action in the weeks following an unlock.
Therefore, If history is any guide, SUI could deliver another strong performance this month. From a technical perspective, SUI’s price is trading above both the 20-day and 50-day Exponential Moving Average (EMA).
Typically, when the price is above this point, it means that the trend is bullish. Assuming it was below it, it would have indicated a bearish trend.
With SUI trading at $3.40, there is a chance it could climb above $4.40 in December 2024. However, if the token experiences high selling pressure, this might not happen. In that scenario, the price could decline to $2.38.
Fantom (FTM)
Without Fantom, the list of altcoins to watch in December 2024 would be incomplete. This is because the much-anticipated Sonic upgrade, which will enable increased throughput, will launch on Mainnet this month.
Ahead of the development, FTM’s price has hit the $1 mark, thanks to a 60% hike in the last 30 days. On the daily chart, the altcoin has formed an inverse head-and-shoulders pattern, which is a bearish to bullish reversal.
At press time, FTM trades at $1.03. However, with rising Bull Bear Power (BBP), which indicates that bulls are in control, the price might hit $1.14 in the short term.
Furthermore, the Sonic Mainnet launch in December 2024 could send the crypto toward $2 but could be invalidated if selling pressure rises.
Aptos (APT)
Aptos is another Layer-1 token worth monitoring in December. Similar to SUI, Aptos is scheduled for a token unlock valued at approximately $135 million this month.
Interestingly, Aptos and SUI share a common pattern: both often experience price increases following their token unlocks. If history is any indication, APT could close December with a positive return.
From a technical point of view, APT has formed an ascending triangle, which is bullish. This technical pattern suggests that the altcoin’s value might continue to increase as long as volume climbs and demand surges.
If that is the case, APT might rally toward $20 next month. However, traders should be on the lookout. If the supply shock is extreme, this might not happen, and APT could drop to $10.97.
Bonk (BONK)
Last on the list of altcoins to watch in December 2024 is Bonk, the most valuable meme coin on the Solana blockchain. BONK is on this list because of its planned token burn, which aims to reduce supply and, in turn, increase value.
Previously, BeInCrypto reported that BONK wants to burn 1 trillion tokens before Christmas. If this goal is achieved, the altcoin’s price might experience a significant rally.
While BONK’s price has recently dropped from its local high, the daily chart shows strong support at $0.0000043. Considering this outlook, the price might bounce from this point and probably rise to $0.000059 or higher.
On the flip side, if BONK holders book profits in December, this prediction might be invalidated, and the meme coin’s value might be $0.000035.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
