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In recent weeks, excluding the midweek declines, the overall cryptocurrency market has witnessed significant gains, primarily led by Bitcoin (BTC). These market movements, coupled with ever-increasing expectations of profitability, seem to be presenting an opportunity for investors.
As the year-end approaches, we observe heightened investor interest in certain cryptocurrencies during the festive season. Considering the latest market impacts, we have compiled a list of 4 altcoins that could potentially influence the markets during and after Christmas.
The Future of Cardano (ADA) Coin
In recent days, Cardano (ADA) has been on a bullish run, with a surge of over 50% in December, delighting its investors. This performance may position ADA as an attractive option before Christmas.
This upward trend is also supported by on-chain metrics. According to data from leading crypto analytics platform Santiment, wallet activity suggests that the gains could potentially continue.
The small wallets, holding between 1-10 ADA and accounting for 98.1% of the mentioned wallets, attracted attention after a sudden loss on November 17. A decrease in these addresses typically indicates a potential turning point in the price.
Crypto analyst Tyler Strejilevich had previously indicated a bullish trend in ADA’s moving averages on a weekly timeframe.
When a similar formation occurred in the past, it took ADA from $0.041 to an all-time high of $3.09 within 66 weeks. If history repeats itself, Cardano could potentially rise to $33 by January 2025.
As of writing, ADA is trading at $0.61, experiencing a daily loss of approximately 4%, while the weekly chart indicates a 1% increase.
Solana (SOL) Coin Analysis
Solana (SOL) suffered an incredible fall after the 2022 FTX crisis, dropping to $9. Following this, SOL appears to be recovering well.
Events such as the launch of the Saga smartphone and similar initiatives have increased the potential bullish sentiment for SOL. For instance, after it was revealed that SAGAs come with a free BONK airdrop, device sales skyrocketed. Solana’s SPL tokens saw increased demand after being listed by Coinbase.
In addition, there was a development today. Solana’s DEX volumes have surpassed Ethereum, potentially validating the “ETH killer” moniker for the first time in years and rejuvenating investor confidence. Such conditions contribute to SOL’s potential as a valuable investment for the coming year.
At the time of writing, SOL has a neutral appearance over the last seven days, finding buyers at $75.4. A broader perspective reveals a monthly gain of 12%, pleasing its investors.
Polygon (MATIC) is Evolving
MATIC has made it onto the list with increased whale activity towards the end of November, with whales accumulating a significant number of tokens in one week. This behavior could be indicative of a bullish trend for the token.
Recently, Polygon introduced the Polygon Portal to improve and advance the user experience in the Web3 space, marking a significant step forward. Analyzing the current price, MATIC is at $0.85, with a 7% decrease over the past week, while daily charts show a neutral price trend.
Avalanche (AVAX) Coin Attracts Attention
Avalanche (AVAX) is the last coin on the list and has not escaped the attention of Turkish investors. Even amidst market downturns, AVAX has attracted attention with consecutive price increases, breaking through the critical $40 support level and climbing to $43.5.
Analysts from notable companies such as Digital Currency Group (DCG), Galaxy Digital, and CoinShares express bullish sentiments for Avalanche as 2023 nears its end, which could drive the price to a target of $50 in the upcoming weeks.
