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Is August 2024 for New All-Time Highs? Top 4 Cryptos to Watch
This month, many cryptos showed signs of readiness to erase the losses experienced for most of the second quarter of 2024. While some have done that, others are not as lucky as July ends.
In August 2024, investors will watch which cryptocurrencies perform well and, most importantly, which can hit new All-Time Highs (ATH). This analysis focuses on the top four cryptos with such potential.
MANTRA (OM)
If MANTRA’s (OM) stunning 1,956% increase this year is something to consider, then it may soon become a household name in the crypto market. In the last 30 days, OM, which is the token of the security-first layer01 blockchain, focusing on the tokenization of Real World Assets (RWA), has increased by 50.15%
This stunning move makes it the best-performing crypto in July. For August, the MANTRA token could continue the run and probably surpass its all-time high. OM’s all-time high is $1.42, which it reached on June 22.
Its current price of $1.17 means it only needs an approximately 18% increase to surpass it. According to on-chain data, OM may be able to achieve it in August 2024 due to the influx of institutional giants accumulating the token.
Based on IntoTheBlock’s data, the number of addresses hodling 1 million to 10 million OM has climbed by significant figures in the last 30 days.
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This proves the increasing demand for the MANTRA blockchain’s native token. If sustained in August, OM’s price may revisit its all-time high and probably inch closer to $2.
Solana (SOL)
A few days back, Solana (SOL) hit a new yearly high in terms of open interest. Around the same period, active addresses on the network reached their highest level in almost three years.
These occurrences suggested that SOL’s price could soon reach a new ATH. On July 29, SOL hit $194.40. However, calls for a return above $200 did not materialize as the upswing was rejected.
At $183.41, Solana is 29.60% down from its ATH. If the token performs a little better than it did in July, it could hit a new all-time high. One of the reasons for this prediction is its dominance over Ethereum (ETH). At one point in July, SOL’s price outperformed ETH by 42.50%, reinforcing its status as the major leader of this cycle.
For instance, when the month began, 1 SOL equaled 0.040 ETH. But at press time, it is now 0.050 ETH. If this dominance continues and SOL breaks above $200, it could be the catalyst that helps it surpass $260 and eventually leads it to new all-time highs.
Toncoin (TON)
Despite facing crucial resistance, Toncoin is one of the cryptos that can reach a new ATH in August 2024. As of this writing, TON trades at $6.78, and like OM, the token is 17% down from its peak.
From a technical perspective, TON seems to have experienced seller exhaustion and is slowly climbing the charts. The Relative Strength Index (RSI) also supports this prediction, as the token seems to be building up bullish momentum.
If sustained, the price of TON may surpass the $7.45 resistance and revisit $8.33. Once this happens, it could be relatively easy to approach a higher value that becomes the new all-time high.
However, if bulls struggle to break the resistance, TON’s potential for a new ATH could be invalidated.
Jupiter (JUP)
JUP is the utility token of Jupiter Exchange, a decentralized exchange aggregator built on Solana. Its inclusion in this list has solid backing, as BeInCrypto previously reported that the project plans to reduce the toen supply by 30%.
Reducing supply is usually good for the price in the crypto market, and this was evident in JUP’s rally when the development became public. However, this proposal is subject to voting, and the outcome is expected in the first week of August 2024.
By the look of things, the Jupiter community may give the go-ahead, especially as the RSI has jumped significantly. This means that momentum and sentiment around crypto are positive.
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JUP’s all-time high was $2.04 in January. As of this writing, it trades at $1.08, but in the first quarter, the token experienced a series of 100% increases within a short period. Therefore, if the project reduces supply, a similar thing could happen, leading it to reach a new all-time high of $2.16.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.