Promising Altcoins Identified for Potential Price Surge

Cody Buffinton, known for hosting the popular crypto YouTube channel Altcoin Buzz, has pinpointed three altcoins exhibiting significant potential for a price rally: Ondo (ONDO), Near Protocol (NEAR), and Sui Network (SUI). Despite recent declines in their prices, ONDO, NEAR, and SUI have showcased promising developments, such as strategic partnerships and heightened network activities, amid the challenging cryptocurrency market scenario.

The recent turbulence in the broader cryptocurrency market, attributed to a robust sell-off in Bitcoin, has led to intense selling pressure, particularly affecting altcoins with more pronounced crashes. Presently, the top ten altcoins are witnessing a decline ranging from 5 to 10%.

However, amidst this bearish environment, certain market analysts remain positive about selected altcoins. Cody Buffinton, in his analysis on the widely followed crypto YouTube channel Altcoin Buzz, has identified three altcoins poised for substantial price rallies: Ondo (ONDO), Near Protocol (NEAR), and Sui Network (SUI).

In a YouTube video dated June 27, 2024, Buffinton highlighted these altcoins, underscoring their potential for noteworthy price surges. Let's delve into the specifics of each of these altcoins:

1. Ondo Finance (ONDO)

At the forefront is ONDO, the governance token affiliated with Flux Finance and Ondo DAO. ONDO, supported by Coinbase, serves as a platform for tokenizing securities, merging blockchain technology with real-world assets (RWA).

Buffinton observed the anticipation among many investors for a bullish rally in ONDO after it peaked at $1.48 on June 3. However, ONDO has experienced a 23.12% drop from its all-time high (ATH) and is presently trading at $1.14.

The expert brought attention to recent developments indicating the potential for ONDO to surpass its previous ATH. During the video, he emphasized ONDO's realized cap metric, signaling distribution and accumulation areas amounting to $1.15 billion. Buffinton explained that if the realized cap surpasses the market cap, it hints at a probable price drop, and vice versa. With ONDO's market cap standing at $1.7 billion, Buffinton envisions a potential surge in ONDO's price. Currently, ONDO holds the 53rd position based on market capitalization.

2. Near Protocol (NEAR)

According to the crypto expert, NEAR is the second altcoin well-positioned for a significant rally. NEAR acts as the native token of Near Protocol, a Layer-1 blockchain introduced in 2018 to enable developers in creating and deploying decentralized applications (dApps).

The expert drew attention to the increased focus on Near Protocol in the first half of 2024 due to heightened network activities. This is evident in the substantial rise in the platform's total value locked (TVL), escalating from $90 million in January to $324.5 million in the current period.

Moreover, Cody highlighted the rapid growth in Near Protocol's transaction volume since the commencement of the year. He indicated that the growing network activities signify more inflows than outflows, indicating consistent user confidence and positivity in the cryptocurrency. Additionally, reports suggest that Near Protocol remains the preferred choice for users aiming to lead the AI revolution.

NEAR is currently trading at $5, showing a daily decline of 2.7%. With a market cap of $5.47 billion, NEAR holds the 20th ranking among cryptocurrencies.

3. Sui (SUI)

The third altcoin acknowledged by Cody for its potential rally is SUI, the primary token of the distinguished Layer-1 blockchain Sui. The recent strategic collaboration with digital asset custody provider Copper was highlighted by the YouTuber as a significant factor driving SUI's potential upswing.

With Copper's operational custody solution for Sui's native tokens now available, the platform is expected to attract institutional clients seeking secure and compliant services, as mentioned by Cody.

At the time of writing, SUI is valued at $0.7978, reflecting a daily decrease of 3.62%. Positioned as the 47th largest cryptocurrency, SUI possesses a market cap of $1.93 billion. Despite Cody's endorsement, conducting thorough research on these tokens before making investment decisions is paramount.