Cryptocurrency analyst Cody Buffinton, host of the popular YouTube channel Altcoin Buzz, has identified three altcoins with the potential for significant price increases. These altcoins include Ondo (ONDO), Near Protocol (NEAR), and Sui Network (SUI).
Buffinton, in a video uploaded on June 27, 2024, highlighted these altcoins as having promising outlooks for substantial rallies.
Ondo (ONDO): Targeting a New High
Topping Buffinton’s list is Ondo (ONDO), the governance token of Flux Finance and Ondo DAO. Ondo is a noteworthy platform backed by Coinbase that merges blockchain technology with real-world assets (RWA).
According to Buffinton, many investors anticipated a bullish trend for Ondo after it hit an all-time high (ATH) of $1.48 on June 3rd. However, Ondo’s price has dipped 23.12% from its peak, currently trading at $1.14.
Buffinton suggests that recent developments indicate Ondo might be on track to surpass its previous ATH. He emphasizes the significance of Ondo’s realized cap metric, which pinpoints areas of token distribution and accumulation. During the video, this metric stood at $1.15 billion.
Buffinton explains that surpassing the market cap by the realized cap suggests a potential price decline, and vice versa. With the current market cap at $1.7 billion, Buffinton believes Ondo could be poised for a price surge. Notably, Ondo holds the 53rd position among the largest cryptocurrencies by market cap.
Near Protocol (NEAR): Network Activity Hints at Growth
Buffinton also highlights Near Protocol (NEAR) as a strong contender for a significant rally. NEAR is the native token of Near Protocol, a Layer-1 blockchain launched in 2018. This platform empowers developers to build and deploy decentralized applications (dApps).
Buffinton points out that Near Protocol gained considerable traction in the first half of 2024 due to a surge in network activity. This is evident in the sharp rise of Near Protocol’s TVL (Total Value Locked), which jumped from $90 million in January to $324.5 million as of this month.
Furthermore, Buffinton emphasizes the network’s rapidly growing transaction volume since the year’s beginning. He suggests that this increasing network activity indicates that Near Protocol is experiencing more inflows than outflows. Buffinton interprets this trend as a sign of sustained user optimism and confidence in the cryptocurrency.
At the time of writing, NEAR is trading at $5, reflecting a daily decline of 2.7%. The coin boasts a market cap of $5.47 billion, solidifying its position as the 20th largest cryptocurrency.
Sui Network (SUI): Strategic Partnership Fuels Optimism
The final asset on Buffinton’s list is Sui (SUI), the primary token of the well-regarded layer-1 blockchain Sui. The YouTuber pinpoints the recent strategic partnership with digital asset custodian Copper as a key factor for SUI’s potential rally.
“With Copper’s custody solution now operational for Sui‘s native tokens, the platform is poised to broaden its appeal to institutional clients seeking secure and compliant services,” remarked Buffinton.
Currently, SUI is trading at $0.7978, reflecting a daily decrease of 3.62%. The coin also sits at the 47th position among the largest cryptocurrencies, with a market cap of $1.93 billion.
While Buffington offers his insights, it’s crucial to conduct thorough research on these tokens before making any investment decisions.