It’s been blistering 12 months for most cryptocurrencies. However, a minor pullback in high-risk assets during the past month has ruffled a few feathers, leading to retracements in parts of the crypto market. Some fear a crypto crash might occur. However, I argue that recent retracements provide stellar buying opportunities.
My positive outlook on crypto prices stems from United States dollar risk. I believe a potential interest rate pivot will devalue the U.S. Dollar due to less desirable treasury bond yields, in turn giving rise to crypto as a U.S. Dollar proxy. Moreover, a technical resurgence in risk-on assets remains possible toward the latter stages of 2024 amid a drop in the yield curve.
Although my outlook is debatable, I’m sure many of you agree with my fundamental basis. If your vision aligns with mine, then here are three cryptos to consider.
Crypto Crash Survivors: Solana (SOL-USD)
Created in 2017, Solana (SOL-USD) primarily provides a decentralized platform to host decentralized applications (DApps). Its competitive edge is its transaction speed, which allows for higher-volume transactions at low costs.
Despite Solana’s 120x surge in 2021, it crashed during the 2022 U.S. bear market. Sure, some of its gains were recovered in 2023 and early 2024. However, it has yet to reach new heights.
Some might argue that Solana won’t breach its 2021 heights as rising competition from counterparts like Ethereum layer-2 solutions and Toncoin’s (TON-USD) integration with Telegram has diluted Solana’s market share. Nevertheless, consider that the decentralized application market is set to grow by approximately 56.1% per year until 2023. Therefore perpetual systemic growth is in the cards for Solana.
Solana trades around $145 per unit, and Binance (BNB-USD) forecasts it to rise above $160 by 2026. I think Binance’s forecast is moderate, which is why I expect excess returns despite Solana’s risky profile.
Omni Network (OMNI-USD)
Omni Network (OMNI-USD) functions as a platform to scale Etehreum’s (ETH-USD) rollups. This addresses a focal point, which is Ethereum’s scalability. A noteworthy factor is Omni Network’s restaking, a model that provides excess asset yield opportunities.
Although in its early stage, I like the look of Omni Network. Sure, Omni Network’s price has slumped by approximately 60% year over year, echoing a few concerns. However, Omni Network’s supply is capped at 100,000,000 tokens, providing a base case for value preservation. Moreover, its key synergies, such as low latency and unparalleled security, might kick in once it matures. As such, I think Omni Network’s minor crash provides an excellent buying opportunity.
Omni Network trades at about $16.70 per unit, but Binance thinks it will reach $18.48 by 2026. As with Solana, I think Binance’s estimate is moderate. In fact, I won’t be surprised if Omni Network cracks the $20 mark by 2026.
Portal (PORTAL-USD)
Similar to Omni Networks, Portal (PORTAL-USD) tanked in the past 12 months, shedding about 80% of its market value. Nevertheless, it survived, and a recovery is in the cards.
If you’re looking for exposure to gaming interconnectivity, then you’ve come to the right place. Among Portal’s key functions is gaming interconnectivity, which connects gamers to over 200 games. More specifically, Portal connects disparate blockchain developers and end-users to create a seamless gaming infrastructure.
Portal has a circulated supply of around 186.84 million and a cap of a billion tokens. As such, scarcity adds a natural floor to its price. In my view, Portal can recover from its lows in the coming quarters, with novelty and market addressability being focal points. Binance thinks Portal can reach $1.08 per unit by 2030, which is a leap from its current price of around 80 cents.
This is an extremely risky asset with an unconsolidated model. Nonetheless, Portal has salient features worth investigating!
On the date of publication, Steve Booyens did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
