October has historically been a bullish month for altcoins and cryptocurrencies. With growing momentum fueled by increasing demand and favorable market conditions, several altcoins are inching closer to breaking their previous all-time highs. This analysis highlights four altcoins expected to see explosive growth in the coming months.
LayerZero is a multichain interoperability protocol for cross-chain communication. Its native token, ZRO, currently trades at $5.06, having increased by 27.70% in the last month. This surge is attributed to the project’s decision to reallocate unclaimed airdrops to active wallets, igniting investor interest. ZRO is currently 7.72% below its all-time high of $5.57.
The daily chart shows ZRO has formed an ascending triangle, indicating strong bullish momentum. The Awesome Oscillator (AO) supports this trend with positive readings. As October approaches, ZRO might exceed $5.60, potentially reaching a new all-time high of $6.55. However, a decline to $4.39 is possible if momentum falters.
Sui is another altcoin with the potential to reach new highs in October 2024. Currently, SUI is priced at $1.62, up 94.95% in the past 30 days, partly due to the launch of the Grayscale SUI Trust. SUI is 25% away from its previous high, facing resistance around $1.77.
Despite recent pullbacks, SUI's price remains above the Ichimoku Cloud, indicating solid support. If momentum continues, SUI could rise by 40% in October, hitting $2.25. A rejection at $2.00 could see it drop to $1.50.
No list of potential high-performing altcoins would be complete without Binance Coin. Positive sentiment following the early release of ex-CEO Changpeng Zhao has led to expectations of a bull market return. Currently, BNB is priced at $602.20, having broken out of a descending trendline.
Even though the Chaikin Money Flow (CMF) indicates BNB is overbought, it is expected to rise above $700, potentially reaching $725 by the end of October. However, a lack of buying pressure could lead to a drop to $564.
Lastly, MANTRA (OM) is making waves again. Currently priced at $1.23, OM is down 13% from its all-time high of $1.42. The upcoming MANTRA Mainnet launch and a recent golden cross of the Exponential Moving Averages (EMA) suggest a bullish trend.
If OM maintains its upward momentum, it could rise to $1.50, breaking resistance at $1.29. However, if market conditions change unfavorably, OM might retrace to $1.05.
