Best Altcoins to Watch That Could Outperform Bitcoin Before Year-End

As we approach the end of the year, the cryptocurrency market continues to offer exciting opportunities beyond Bitcoin. Several altcoins are showing potential to outperform the leading cryptocurrency. Let’s examine four promising contenders: Solana (SOL), Stellar (XLM), Filecoin (FIL), and Cosmos (ATOM).

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Solana (SOL): Resilient Despite Recent Challenges

Solana (SOL) has recovered 30% of its price since the Black Monday crash, hovering between the $155-$140 range. Recent reports revealed the Solana-based investment products were among the largest losers last week after registering over $30 million in outflows.

CoinShare’s report highlighted that Solana ETPs’ negative performance occurred alongside the “sharp decline in trading volume of memecoins, on which it heavily relies.

Source: TradingView

Data from CoinGecko revealed that Solana-based memecoins saw a 3.7% decline in the last 24 hours, registering a $3.59 billion market cap. Its market activity also displayed a similar 3% decline since Sunday, falling to a daily trading volume of $1.1 billion.

Despite this, the Solana ecosystem has moved sideways over the weekend, hovering between the $243 billion to $245 billion market cap since August 15. SOL’s price also moved between $140 and $155 over the weekend, a range it has maintained since August 12.

Stellar (XLM): Potential Breakout on the Horizon

Established a decade ago, Stellar has struggled to gain substantial market share in the payments industry. Data shows that the volume of stablecoins, mostly USD Coin, in its blockchain has risen from $6.95 million in December last year to over $210 million today. While this growth is impressive, it trails behind other blockchains like Tron and Ethereum that have over $56 billion and $75 billion in stablecoin assets.

Source: TradingView

Despite these challenges, Stellar’s price has formed several bullish patterns that could push it higher in the near term. On the daily chart, the XLM token has formed a falling wedge pattern, a popular reversal sign. It has now rallied above the upper side of this pattern.

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Additionally, the Moving Average Divergence Convergence (MACD) indicator has formed a bullish divergence pattern. The Relative Strength Index (RSI) has also broken out above the upper side of the triangle pattern. These are signs that Stellar Lumens could soon break out.

Filecoin (FIL): Challenges and Opportunities

Several challenges are undermining Filecoin’s position as a leading project among Decentralized Physical Infrastructure Networks (DePIN). Despite notable price swings, with FIL reaching a yearly high of $11.46 in June, its value has since dropped by nearly fourfold.

Source: TradingView

On-chain analysis suggests that FIL remains a risky choice for investors. Declining network activity, weak demand, and ecosystem hurdles indicate that the project’s growth potential is still limited, making it less appealing despite recent price fluctuations.

Filecoin’s price, which trades at $3.57, may imply that the token is undervalued. However, according to the Sharpe ratio data obtained from Messari, the token may not be worth investing in for the short term.

Cosmos (ATOM): Mixed Signals in a Bearish Market

Cosmos is presently held between a rock and a hard place in the market, according to crypto analyst Alan Santana. To him, this is a very opportunistic time for long-term investors, most especially those with a bullish outlook.

Source: TradingView

Although Santana’s sentiment is slightly overly hopeful, the market sentiment is overwhelmingly bearish. According to CoinCodex’s most recent prediction, Cosmos will lose 8.56% and its price will fall even further to $4.13 by September 15, 2024.

All technical indicators in this forecast are bearish. The Fear & Greed Index has finally reached 27, showing much fear in the market. For Cosmos, there have been nine green days during the last 30 days—out of a possible total of 30.

Conclusion

As Cosmos, Solana, Stellar and Filecoin show bullish potentials, projects like Pawfury offer a glimpse of the innovative potential within the crypto space. By applying expert strategies and considering emerging markets, investors may find opportunities even in the most challenging market conditions.

It’s important to note that while Pawfury stands out among these options with its lucrative , low entry cost, and 10% extra bonus, investors should always conduct their own research and due diligence.

Discover more information about Pawfury at the following links:

Website: https://www.pawfury.com

Twitter: https://x.com/Paw_Fury