Why the 2024 Altcoin Season Could Fuel a Rally in These 6 Tokens

Crypto investors and analysts support that the 2024 altcoin season may have just begun, drawing signals from several fundamentals, including Bitcoin (BTC)'s prolonged high above $63,000.

This optimism comes after the Federal Open Market Committee (FOMC) decided to cut interest rates by 50 basis points in September, indicating that the US economy is in good shape.

Crypto Banter Founder Highlights Tokens First for Altcoins

Crypto Banter, a popular YouTube channel with over 1.08 million subscribers, has announced the start of the 2024 altcoin season. Its founder, Ran Nooner, said Wednesday that the Federal Reserve's interest rate cuts, the increase in global liquidity and the all-time highs in money market funds. Here, we list six of the best tokens to collect if the altcoin season begins.

SUI

The analyst begins by highlighting SUI (SUI) as a special symbol, referring to its popularity in the market, which creates a threat even to Solana (SOL). SUI has been making headlines with major partnerships including the Circle USDC merger. Greyscale has recently launched Sue Trust, which has seen a significant increase in both price and transaction volume.

Ran Nunner believes these strong fundamentals will position SUI for success in the short term, especially if the altcoin season opens.

FTM

The analyst highlights Fantom (FTM) as a promising altcoin, showing strong price performance. FTM has gained attention recently after internal developments, including a rebrand to Sonic Labs in August.

The rebrand has spurred renewed investor interest, positioning Phantom for continued growth. Sonic Labs is currently developing Sonic Gateway, a decentralized bridge that enables secure ERC-20 transfers between Ethereum and Sonic.

This development gave a boost to FTM, which has increased by 10% since the start of Thursday's session, trading at $0.33, according to BeInCrypto data.

SMEs

ImmutableX (IMX) is also on Crypto Banter's list of altcoins in a collectible alt season. The game token is broken above the falling wedge pattern, effectively guaranteeing a reversal. Based on this breakdown, analysts expect a high tide.

Read more: What is Altcoin Season? General guidance

Aero

As the central trading and liquidation market space continues to grow on Base L2, the portfolio balance looks at Aerodrome (AERO). The basis for AERO is the Aerodrome MetaDEX model, which combines the best features of previous decentralized foreign exchange market leaders.

“When we model the effects of aerodrome implications, it is clear that inflation in itself is not bad. Instead, emissions are just one input in an economic model – a cost that can be controlled and overcome,” Daffy's researcher commented.

SOL

If the speculation turns out to be correct, Solana (SOL) could be preparing for a strong rally in the history of delivering impressive gains during the altcoin market boom. Solana has often outperformed as broader altcoin momentum has picked up, making it a key player to watch.

Currently, SOL is trading at $141.53, which shows a 10% increase in the last 24 hours, according to BeInCrypto data.

In Care Of

MANTRA (OM) will find a place in the analyst list due to the launch of the main network in October. This event is expected to be a milestone for the project as it brings real world assets (RWA) on the chain. The launch of Mainnet will be a critical step in creating new opportunities for MANTRA's growth by integrating traditional finance (TradFi) with the blockchain ecosystem.

Read more: How to invest in real-world crypto assets (RWA)?

Ran Nunner also highlighted several other tokens that could see strong rallies, including ARWAVE (ARV), THORChain (RUNE), Render (RNDR), CROWN Games (CROWN) and Superverse (SUPER). These tokens have posted steady and conservative gains despite recent market volatility, positioning them for a big boost once the altcoin season begins.

However, Neuner advises investors to keep an eye on the Bank of Japan's (BOJ) CPI and interest rates on Friday. He warns that if the BOJ raises rates, it may disrupt the current rally, which may lead to a market reversal. On the other hand, if the BOJ cuts interest rates, it could reinforce the ongoing upward movement.

“Don't be overconfident. We need a good CPI from Japan tomorrow and the BOJ not raising rates on Friday. September still has some potential leaks so don't turn to Giles, it's really only 8 more days until it's over,” wrote GamesMasterFlex.