The cryptocurrency market has faced a tough August, with many investors seeing losses. However, September 2024 might bring significant changes. According to BeInCrypto, here are the top three crypto predictions you should watch for next month.
1. MATIC Poised for a 100% Surge
Polygon (MATIC) is gearing up for a potential rally of nearly 103% in September. Here’s why:
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Mainnet Upgrade: On September 4, Polygon will transition to its new ticker, POL, following a successful testnet launch on July 17. This upgrade is expected to boost the asset significantly. POL will become the primary token for gas fees and staking on the network, which should enhance its utility and demand.
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Bullish Chart Patterns: MATIC’s price is currently breaking out of a descending wedge pattern that has lasted for nearly seven months. This technical pattern indicates a potential rise to $0.85, a significant increase from its current levels.
Recent performance has been underwhelming, but the upcoming POL migration and the anticipated high trading volumes could drive a substantial rally. Polygon investors should keep an eye on these developments.
2. Real-World Assets (RWAs) Lose Their Appeal
Real-World Assets (RWAs) have been a hot topic throughout Q2 and Q3. However, their popularity seems to be waning:
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Market Cap Decline: RWAs have seen a sharp decline in their market cap, dropping 22% from $35 billion to $27 billion over the past month and a half. This decline is attributed to broader market trends and diminishing investor interest.
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Bearish Outlook: Given the recent bearish trends and declining demand, RWAs may struggle in September. Investors should be cautious as these tokens might not perform well in the coming month.
3. Fantom Set for a Multi-Year Bounce
Fantom (FTM) is on the verge of a major upgrade, which could lead to a significant price increase:
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Sonic Upgrade: Scheduled for next month, the Sonic upgrade is set to enhance Fantom’s transaction processing capacity to 2,000 transactions per second, potentially handling up to 180 million transactions daily.
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Technical Analysis: FTM is currently trading within a descending wedge and is approaching a critical support level at $0.1729. Historically, a bounce off this level has led to notable price increases. Combined with the Sonic upgrade, this could push Fantom’s price up to $1.0000, representing a potential 133% rise from current levels.
September is shaping up to be a crucial month for Fantom, with the upgrade expected to drive significant gains.
Conclusion
September 2024 promises to be a dynamic month for the cryptocurrency market. MATIC could see a massive surge due to its upgrade to POL, RWAs might face a challenging month as their appeal declines, and Fantom is set for a potentially explosive rally with its Sonic upgrade. Keeping an eye on these developments can help you make informed decisions and navigate the crypto market effectively.
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