The September months have sparked the initial bullish turnaround for most major altcoins amid the recent Fed rate cut. Historically, the crypto market provides accelerated recovery momentum in Quarter 4, intensifying the buying activity. Here’s why SUI and two other cryptos may outperform in Q4 2024, according to Grayscale research.
SUI and these 2 Crypto Set to Lead Q4 2024 Rally: Grayscale Report
Grayscale’s Q4 2024 research highlights emerging trends in the crypto market, such as decentralized AI platforms, tokenized assets, and the rise of meme coins. The leading digital assets, Bitcoin and Ethereum, top the list due to favorable macroeconomic conditions. However, Grayscale’s updated top 20 list includes new additions such as Sui (SUI), Bittensor (TAO), Optimism (OP), Helium (HNT), Celo (CELO), and Universal Market Access (UMA). On the other hand, cryptos like Render (RNDR) and ThorChain (RUNE), along with others, were removed.
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).
According to DefiLlama, the SUI TVL currently stands at $961.7 and is poised to surpass the $1 billion milestone. This surge reflects increasing network activity as more investors commit funds to Sui’s ecosystem.
With sustained buying, the SUI price is poised to surpass the $2 breakout to drive a prolonged rally.
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.
Like SUI, the Optimism coin has witnessed investors’ interest according to the supply distribution metric from Santiment. Despite a seven-month price correction, the whale wallet holding (1 Million to 10 Million coins) has hit a current accumulation high of 696.28M OP.
Celo (CELO)
In the daily chart, the CELO price showed a U-shaped recovery from $0.389 to $0.688— a 76.7% increase. The chart setup signals resemble a well-known reversal pattern called rounding bottom, indicating an early sign of trend reversal.
Moreover, Ethereum co-founder Vitalik Buterin recently praised Celo’s progress, highlighting its impact on global access to basic finance through blockchain technology. Vitalik also mentioned Celo’s transition to becoming an Ethereum Layer 2 solution, underscoring its cultural alignment with Ethereum’s core values.
As the second most popular platform for stablecoin transactions behind TRON, Celo is poised for a $1 price breakout in the near future.
This is amazing to see. Improving worldwide access to basic payments/finance has always been a key way that ethereum can be good for the world, and it’s great to see @Celo getting traction.
See also their recent posts:
* @Celo becoming an Ethereum L2: https://t.co/08U7G7q69s
*… https://t.co/Qq7vcmZ6e3— vitalik.eth (@VitalikButerin) September 25, 2024
Conclusion:
As the digital market is poised for a prolonged recovery in Q4, Sui (SUI), Optimism (OP), and Celo (CELO) can outperform their fellow cryptos due to heightened network activity and whale accumulation. Grayscale’s recent addition of these assets to the top 20 list accentuates the bullish narrative.
Frequently Asked Questions (FAQs)
SUI’s rapid growth, driven by TVL nearing $1 billion and key collaborations like USDC integration, positions it for strong performance in Q4 2024.
Grayscale added SUI, Optimism, and Celo due to their increased network activity, whale accumulation, and significant growth potential in Q4 2024.
Celo’s recent transition to Ethereum Layer 2 and increasing stablecoin transactions position it for further growth, with potential for a $1 breakout.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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