The crypto community expects Bitcoin ETFs to be approved in 2024. Moreover, the refusal of global central banks to raise rates could lead to a surge in crypto assets’ prices. When the upcoming Bitcoin halving event is added to this set of factors, the conditions for the altcoin season are extremely favorable. With this in mind, there are three cryptos set to soar in 2024 that may be particularly interesting for investors.
Solana (SOL)
With many of Ethereum’s features, Solana (SOL-USD)offers lower costs and high speeds. The improved performance has built Solana’s reputation as the choice for investors looking for top cryptos for 2024.
Ethereum planned to remove the competition by transitioning to the proof-of-stake consensus mechanism in 2022. Howeverm investors’ concerns remain. Consequently, Solana continues to grow its flexible ecosystem and attract the attention of more and more crypto users.
One of Solana’s most recent events, the Hyperdrive Hackathon, took place in early November. It was a testament to the strong community of developers and the growing interest among creators. The event saw a tremendous turnout, with more 7,000 participants actively participating in the hackathon. This culminated in a staggering 907 final projects.
Forecasts from reputable sources provide different but intriguing predictions for the value of SOL in 2024. DigitalCoinPrice’s estimate suggests a potential average price of $179.09 for Solana. CaptainAltCoin presents a more positive forecast, predicting that SOL will reach $357.13 by the end of this year.
Solana’s dominant advantage in the Web 3.0 space bodes well for potential volume growth. As the 2024 bull market rally gathers momentum, the risk of competing networks becoming overwhelmed is growing. In this case, developers and investors will seek a quick alternative. Furthermore, Solana fits the bill perfectly. This clearly marks it as one of the cryptos set to soar this year.
Analysts are reading these forecasts as a signal to participate more actively in the project’s ecosystem.
Avalanche (AVAX)
With the ability to process 6,500 transactions per second, Avalanche (AVAX-USD) has quickly established itself as a powerful player in the smart contract arena. The three specialized chains of this blockchain (X-Chain, C-Chain, and P-Chain) are designed to perform specific tasks. Their presence helps the network to solve scalability difficulties. As a result, Avalanche is increasingly being chosen as a solution for building decentralized applications and smart contracts.
The collaboration with Amazon’s Cloud Computing division has expanded Avalanche’s technology reach to businesses, institutions, and government entities. This partnership has demonstrated AVAX’s capabilities beyond the cryptocurrency sphere and strengthened the project’s position among other blockchain solutions.
During 2023, Avalanche experienced a revival and an impressive surge in price to $40 (up 234% since the beginning of the year). Its market capitalization reached $14.51 billion, while many other cryptocurrencies faced a decline. Since October, the token has begun a consistent rise with a peak value close to 400% of its $9 valuation. Avalanche hit $48.36 on December 26, 2023.
CaptainAltCoin predicted an AVAX trading value of $55.42 within a year, while PricePrediction.net took a somewhat conservative view, estimating an average of $52.86 for 2024. On the contrary, DigitalCoinPrice appeared to be with a more optimistic stance, predicting an average of $72.79 for AVAX in 2024. These cautious forecasts emphasize only one thing, analysts agree on an eastward trend in the AVAX price movement, positioning it among the potential top cryptos for 2024.
Cardano (ADA)
Amid fluctuations in the cryptocurrency market, Cardano (ADA-USD) started the new year with a decline, showing a trend opposite to the end of 2023.
Last year’s result showed a 170% increase in ADA, which was followed by a phase of consolidation. The owners tried to lock in their profits, and the token demonstrated its resistance to such fluctuations.
Currently, Cardano is hovering around $0.51, and analysts foresee the possibility of ADA fluctuations that could lead to a drop below $0.50 soon.
Market fluctuations may encourage investors to view this momentary drop as a potential entry point into the ADA market.
Analysts have changed their forecasts for the coin after the latest trend change. FXStreet presents a price range of 40 to 80 cents in the short term. At the same time, DigitalCoinPrice offers an average estimate of the ADA price at $0.99 in 2024, which means that it predicts a twofold increase in the value of ADA. In both cases, the average price of the token will increase by 20% or more, positioning ADA among the potential top cryptos for 2024.
These estimates may not have taken into account all the factors, as the crypto world is still waiting for a rally. Cardano has already shown itself to be a compelling investment choice in a bull market. The growth of altcoins may follow Bitcoin’s halving, and ADA will be among the first to feel the positive effects. That is why several analysts expect the token to grow by 2,800%.
On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
