3 Altcoins That Have a Possibility of Exploding in 2024

Most altcoins have struggled this quarter and apart from Ethereum, Solana, and some meme coins, others have been performing poorly.

With most altcoins enduring a difficult quarter, excluding Ethereum, Solana, and meme coins, others have been performing poorly due to market conditions. But as analyst Altcoin Buzz highlights, these complexities can present opportunities. When the market sentiment for altcoins is negative, many strong projects experience price declines driven by the market rather than their fundamentals. Here are three altcoins that could explode in 2024, according to the analyst.

Coin 1: Sui (SUI)

Sui has seen a price drop of about 65% in the last three months. It also boasts a loyal community with a high staking percentage, even surpassing Cardano (ADA). Moreover, Sui successfully absorbed selling pressure from a major token unlock earlier this spring. The project is also heavily involved in academic research, offering $500,000 in Sui for research awards and grants. Despite the recent price drop, Sui’s fundamentals remain bullish, making the current price of around $0.79 an attractive entry point.

Coin 2: Akash Network (AKT)

Akash Network was a market favorite from mid-2022 until a few months ago, experiencing a 30x increase from a low of $0.20 in June 2022 to over $6 in March 2024. However, it has since declined by about 40%. The demand for powerful Nvidia chips, such as the H100 and A100, remains high, especially for AI applications and crypto protocols. This demand highlights the importance of Akash’s GPU marketplace, suggesting that the recent price decline may present a buying opportunity.

Coin 3: Astar (ASTR)

Astar enables multi-chain smart contracts, offering integration within Polkadot and EVM ecosystems. Despite a challenging market, Astar has performed relatively well over the past year but has seen a 60% drop in the last 90 days. Astar uses Polygon’s ZK EVM to maintain compatibility with Ethereum, providing access to more ETH liquidity and better pricing for trading and DeFi applications.