As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends. The recent bullish turnaround in the crypto market following the Fed rate cut in September is reminiscent of past patterns, where Q4 tends to bring accelerated recovery momentum.
In my analysis as an analyst, I’ve observed that September tends to mark a bullish reversal for most significant altcoins, following the recent reduction in Fed interest rates. Historically, the crypto market demonstrates heightened recovery momentum during Q4, fueling increased buying activity. According to Grayscale research, SUI and two other cryptos could potentially outperform in Q4 2024.
SUI and these 2 Crypto Set to Lead Q4 2024 Rally: Grayscale Report
Grayscale’s Q4 2024 research reveals significant developments in the crypto sector, featuring emerging trends like decentralized artificial intelligence platforms, tokenized assets, and meme coins. Notably, Bitcoin and Ethereum dominate the scene due to advantageous macroeconomic circumstances. Interestingly, Grayscale’s refreshed top 20 list incorporates fresh entries such as Sui (SUI), Bittensor (TAO), Optimism (OP), Helium (HNT), Celo (CELO), and Universal Market Access (UMA). Conversely, digital currencies like Render (RNDR) and ThorChain (RUNE, among others), have been replaced in the ranking.
Sui (SUI)
SUI coin outperformed other most major cryptos in September 2024 amid an aggressive rally from $0.74 to $1.79, accounting for 140% growth. This bullish trajectory can be attributed to the recent launch of Grayscale’s SUI trust fund, USDC integration, and skyrocketing Total volume locked (TVL).
As reported by DefiLlama, the total value locked (TVL) in SUI is presently around $961.7 million and appears set to break through the $1 billion barrier. This growth can be attributed to a rise in network activity as more investors pour funds into the Sui ecosystem.
Keeping up with continuous purchasing, the SUI price appears ready to exceed the $2 threshold, potentially leading to an extended upward trend.
Optimism (OP)
Optimism (OP) has witnessed a sustained rally from $1.06 to $1.82 in the last two months, registering a 72% growth. This recovery also revealed the formation of a double-bottom reversal pattern, projecting the buyers are likely to breach the $2 resistance.
Similar to SUI, the Optimism coin has seen growing interest among investors as indicated by the supply distribution data from Santiment. Even though its price has been on a seven-month correction, the number of whale wallets holding between 1 Million and 10 Million OP coins has reached an all-time high of 696.28 million OP.
Celo (CELO)
On a day-to-day price graph, there was a U-shaped recovery in the CELO value, climbing from $0.389 to $0.688 – representing a significant increase of 76.7%. The arrangement of this chart suggests a familiar pattern known as a rounding bottom, which hints at an early indication of a trend reversal.
To add to that, Vitalik Buterin, one of the co-founders of Ethereum, has recently commended Celo’s advancements. He emphasized how Celo is enhancing global accessibility to fundamental financial services using blockchain technology. Interestingly, he also pointed out that Celo is evolving towards functioning as an Ethereum Layer 2 solution, which aligns with Ethereum’s core principles.
With TRON leading the way in stablecoin transactions, Celo looks primed for an imminent surge past the $1 mark.
It’s truly fascinating to witness this progress. Enhancing global accessibility for fundamental payment and finance systems has long been one of Ethereum’s strengths in contributing positively to the world, and I’m thrilled to see Celo gaining momentum in this area.
See also their recent posts:
* @Celo becoming an Ethereum L2:
*…— vitalik.eth (@VitalikButerin) September 25, 2024
Conclusion:
In the upcoming fourth quarter, it’s expected that the digital market will experience a sustained recovery. This could lead Sui (SUI), Optimism (OP), and Celo (CELO) to surpass their crypto counterparts due to increased network usage and accumulation by large investors, or “whales.” The fact that Grayscale has added these assets to its top 20 list further supports this positive outlook.
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2024-09-27 16:56