Top Altcoins To Buy December 22: SOL, ALGO, STX

Top altcoins outshine Bitcoin ending the year some at new all-time highs like STX, while SOL and ALGO sustain the uptrend since mid-October. 

Published 5 hours ago

Crypto prices have been on the up and up in the last quarter of 2023, accentuated by strong technical and fundamental structures. While Bitcoin and Ethereum can be the obvious choice among investors, some top altcoins like Solana (SOL), Algorand (ALGO) and Stacks (STX)

Overall, this has been one of the most bullish years since the bull run in 2021, thanks to the approval of Ethereum futures exchange-traded funds (ETFs) in early October, easing inflation in the US, the upcoming greenlighting of spot BTC ETFs and the post halving rally anticipation in 2024.

Solana Price Prediction: SOL Relentlessly Pushing To $100

Leading layer-1 blockchain Solana has posted the most impressive performance this year despite the massacre in 2022 when SOL plummeted to $8 following the FTX implosion saga.

Solana has from mid-October increased by 330% to trade at $95 on Friday during US business hours. The smart contracts token is on the cusp of starting a new recovery phase above $100 ahead of an expected breakout to an all-time high of $260.

Solana’s rally stands out from the rest with the token sustaining the bullish thesis with minimal retracement. Not even actions by regulators like the Securities and Exchange Commission (SEC) have been able to suppress SOL by naming the token a security.

The FTX bankruptcy, which many believed would have killed Solana, could not hold the fifth-largest cryptocurrency reaching new yearly highs.

A higher support, preferably at $90 is required to sustain the uptrend and increase the probability of SOL exploding above $100.

SOL/USD price chart
SOL/USD price chart | Tradingview

The Moving Average Convergence Divergence (MACD) is one of the many indicators backing Solana’s rally. As long as the MACD line in blue holds above the signal line in red, the path with the least resistance is bound to remain upwards.

Meanwhile, the anticipation around the approval of spot BTC ETFs in the US could help keep SOL buoyant and fuel the next recovery stage above $100.

Algorand Price Prediction: ALGO Surges $10% To $0.25

Algorand continues to favor holders with a consistent uptrend since October 20 when it traded at $0.086. The MACD shows that the path with the least resistance is upwards, with ALGO expected to close the day above $0.25 and sustain the bullish thesis through the weekend for gains past $0.3 toward the all-time high of $3.

ALGO/USD price chart
ALGO/USD price chart | Tradingview

In case profit booking takes center stage due to the uncertainty surrounding the festive season, Algorand might chop the accrued gains in search of higher support.

The 20-day EMA (blue) currently holding at $0.1894 would come in as the most viable support level. However, if declines overshoot this level, ALGO could sweep and retest other key support areas — the 50-day EMA (red) and the 200-day EMA (purple).

Read more: Solana Saga Phone Faces Inventory Hurdles, What’s Next For SOL Price?

Stacks Price Prediction: What’s Next After Hitting New ATH

Stacks, the project that allows developers to launch decentralized applications (dApps) on the Bitcoin network is in the middle of correcting from a new all-time high of of $1.57.

Apart from a few dips, which were a blessing in disguise for allowing investors to dollar-cost average (DCA) and the most out of the rally, STX has sustained the bullish outlook since October just like Solana and Algorand.

STX/USD daily price chart | Tradingview
STX/USD daily price chart

The price discovery appears to have hit a snag at $1.57, thus the trend reversal to $1.33. Traders closing their long positions to cash out are likely to be the biggest contributors to the selling pressure.

However, a buy signal from the MACD could help keep Stacks price buoyant ahead of the next breakout above $2. The impact of the bull market in 2024 cannot be overemphasized, which makes Stacks one of the top altcoins to buy in December.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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