3 Altcoins to Watch in the Fourth Week of December 2024

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As a seasoned analyst with years of experience navigating the volatile world of cryptocurrencies, I find myself intrigued by the recent developments in the market. The rise and fall of Hyperliquid (HYPE), RENDER, and Solana (SOL) have been particularly noteworthy.

On December 21st, Hyperliquid’s HYPE token reached a record peak following a distribution among billionaires, but then experienced a significant drop afterwards. Conversely, RENDER – the top AI-centric token – has plummeted by about 20% over the past week, resulting in a decrease of its market cap to approximately $3.7 billion.

In a similar vein, SOL has experienced a substantial 30% drop over the past 30 days following its November high of $264. However, its ecosystem continues to buzz with vibrant applications such as Raydium and Pumpfun. Currently, each of these tokens is nearing crucial technical thresholds, which could signal impending reversals or further adjustments in the near future.

Hyperliquid (HYPE)

In the past few weeks, HYPE, the cryptocurrency associated with Hyperliquid, has been drawing a lot of interest due to a prominent billionaire’s airdrop announcement. On December 21st, it hit an unprecedented peak, but since then, it’s moved into a downward trend, mimicking the behavior of other altcoins over the past week.

Over the past day, I’ve observed a significant 17% drop in the value of HYPE, which has significantly reduced its market capitalization to approximately $9 billion.

Technically speaking, the price of HYPE reaching or surpassing $28.95 carries great significance for its future price movement.

If the price surpasses this point, it might trigger a resurgence of bullish energy, possibly propelling the token up to $35 or even $40 in the short term. On the flip side, if the support at $22 cracks, the downtrend could intensify, potentially dropping the value to $14.99.

Render (RENDER)

Leading AI token RENDER has seen a significant drop in value following a peak of around $4.5 billion last week. Currently, its market capitalization stands at approximately $3.7 billion, marking a decrease of almost 20% over the last seven days.

2025 sees increasing excitement that the AI story will persist, possibly creating a favorable moment for investors to dive into AI-related cryptocurrencies. However, it’s important to note that the RENDER market is experiencing a significant downtrend, as indicated by the formation of a “death cross” on December 19, which suggests bearish trends are dominant.

Currently, RENDER’s stock price is hovering close to an important support point at $6.37, and there’s resistance at $7.78. If the stock manages to break through this resistance, it might trigger a surge towards approximately $9.71.

Should the backing at $6.37 not be maintained, this could intensify the drop, with potential low points at $5.26 and $4.73 on the horizon.

Solana (SOL)

Over the last month, I’ve observed a substantial decline in SOL’s value, following its peak at an all-time high of $264 on November 22. This dip has seen the price drop by approximately 30%.

Regardless of this adjustment, the Solana network continues to be popular, with platforms like Raydium and Pumpfun still drawing significant interest. These applications are earning millions of dollars in daily fees, while Solana-associated altcoins such as PENGU, BONK, and WIF are garnering a great deal of attention.

As we move forward, the behavior of SOL’s price will largely depend on crucial levels of both support and resistance. If the current support level at $178 gives way, there is a possibility that SOL may experience additional drops, potentially reaching as low as $158 or even $147.

From my perspective as a researcher, the barrier at $195 holds significant importance in anticipating a possible price reversal. If we surpass this point, it might indicate the initiation of a fresh uptrend, with potential targets set at $203 and $221.

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2024-12-23 22:06