Altcoin Watchlist: 3 Promising Picks for the Week Ahead

The cryptocurrency market experienced high volatility this week and saw some descending price action in the recent day.

While the market consolidated, certain altcoins are poised for notable movements in the upcoming week. Here are three altcoins to watch and the factors contributing to their potential

Sui (SUI)

Sui has recently emerged as a top-performing cryptocurrency, reaching a new all-time high of $4.50 on Dec.6, with a surge in market cap to $12.25B.

Over the past week, SUI’s price has skyrocketed nearly 160%, positioning it among the top assets to watch as it gains traction in decentralized finance (DeFi). 

Sui is hosting an event in Istanbul on Dec. 6, focusing on networking and discussions about blockchain advancements. Such events can boost investor confidence and positively influence the token’s market performance. 

Our chart analysis shows that the price has more room for the upside and could reach a new all-time high of around $5 in the week ahead. 

Fantom (FTM)

Fantom is gearing up for its Sonic upgrade, which will enable increased throughput, and is set to launch on Mainnet this month.

Thanks to a 60% hike in the last 30 days, FTM’s price has hit the $1 mark ahead of this development. The altcoin has formed an inverse head-and-shoulders pattern, indicating a bullish reversal, and has gained 100% since Nov. 22. 

This upgrade aims to enhance scalability and performance, introducing the Fantom Virtual Machine (FVM) to achieve transaction speeds exceeding 2,000 transactions per second with sub-second finality.

Additionally, Sonic will reduce storage requirements by up to 90%, making it more cost-effective for validators.

The transition includes a token swap from FTM to the new S token at a 1:1 ratio, with incentives such as airdrops planned to encourage adoption.

Chart analysis shows that the price is likely ending its wave 3, leaving the potential for one more leg up after a brief consolidation.

If true, FTM could be headed to a new yearly high of $1.70 next. 

Bonk (BONK)

Bonk, the most valuable meme coin on the Solana blockchain, plans a significant token burn to reduce supply and increase value.

Token burn event is known as “BURNmas.” This initiative, organized by BonkDAO, aims to burn 1 trillion BONK tokens by Christmas Day, Dec. 25, 2024

The BURNmas campaign, running from November 15 to December 24, 2024, features activities aimed at reducing BONK’s supply to increase its value. For example, 1,000 BONK tokens are burned for every “#LetsBONK” post on X, and 10,000 tokens are burned per new subscriber on social platforms.

This large-scale burn aims to create scarcity and has already driven significant price increases, attracting investor interest. Its success could profoundly impact BONK’s market dynamics.

The price cooled off after peaking at nearly $0.000060 on Nov. 22, retracing to the 0.5 Fib level on Dec. 3.

A descending triangle formed, indicating a corrective structure. In the case of an upward breakout, we will receive an early signal of the uptrend continuation with a new all-time high likely ahead. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.

Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.

Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

[email protected] LinkedIn