XRP, the third largest cryptocurrency, has caught the attention of crypto with its massive rally since last month. Amid the broader market recovery, the XRP price rallied from $0.49 to $2.67, registering a 440% surge. However, if you still need to catch up on this rally, these 3 altcoins show the potential for 2X growth by December end.
3 Altcoins to Watch for 2x Growth Before December’s End
Since last week, the XRP price has risen from $1.28 to $2.66, accounting for 107% growth. The impressive rally was driven by several factors, including broader market growth, positive U.S. court outcomes, rumors of the SEC potentially dropping its lawsuit against Ripple, whale accumulation, and growing buzz around ETFs.Â
However, it is less likely for a continuous stream of positive news to impact the Ripple coin. Thus, the XRP price is poised for short correction, allowing other altcoins to gain momentum.
Solana (SOL)
The layer-1 cryptocurrency Solana tops our list of top altcoins that could record 2x growth in December. The SOL coin being among the top candidates for U.S.-based crypto ETFS shows the potential for a massive breakout.
Amid the recent market slowdown, the Solana price plunged from $264 to $221, accounting for a 16% fall. However, analyzing the bigger picture reveals this reversal could be the key pullback in a cup and handle reversal pattern.
It consists of two parts: the cup, which forms as the price gradually declines and then recovers in a U-shape, followed by the handle, a small consolidation or downward movement. This pattern indicates accumulation and consolidation, with a breakout above the resistance level at the top of the cup, signaling a potential upward trend.
Therefore, the SOL price could retest $200 support before surpassing the key neckline resistance at $260. A potential breakout could drive a rally past $500.
Binance Coin (BNB)
BNB, the native cryptocurrency of the Binance exchange, is currently trading at $638, showing an intraday loss of 2.6%. According to CoinGecko, the assets market cap stands at $93.4 Billion, while the 24-hour trading volume is at $2.33B.
The weekly chart analysis shows the BNB price has wavered below $200, projecting the formation of an inverted head and shoulder pattern. It consists of three key parts: the left shoulder, where the price declines and then rebounds; the head, where the price falls to a lower low before recovering; and the right shoulder, where the price forms a higher low before rising again.
As crypto investors anticipate $100k BTC, the altcoin market could record a massive rally. Thus, the BNB price shows the potential for a $700 breakout, which drives its rally past $1,200.
Avalanche (AVAX)
In November, the Avalanche price recorded a five-week rally from $22 to $50.28, projecting a 125% rally. While the recovery backed by increasing volume shows sufficient strength, the buyers witness renewed selling pressure from the downsizing trendline at $50.5.
The dynamic resistance has been intact since March 2022, projecting the formation of a symmetrical pattern. It forms when the price moves within converging trendlines, where both the highs and lows are progressively narrowing, creating a triangle shape. This pattern indicates indecision in the market as buyers and sellers reach an equilibrium, with the price compressing within the triangle.
Thus, the AVAX price could revert and continue to resonate within the two trendlines. For buyers to regain control over the asset, they would need a breakout from the overhead trendline. A potential breakout from resistance will accelerate the buying pressure.
The post-breakout could drive past the $65 resistance, followed by the $103 mark.
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