3 Cryptos to Outperform as Cardano May Plunge in September

Cardano coin has been an underperforming asset so far in 2024, registering a 38.8% year-to-end (YTD) loss. While the ADA price shows no signs of bottoming

Cardano (ADA) price continues to show a concerning trend as the cryptocurrency heads into September. While the ADA price has shown a positive return over the past month, an analysis of historical data suggests that September may not be a favorable month for the Cardano price.

According to Cryptorank data, the average return for ADA price in September since the year 2018 has been -12.5%. This showcases a higher probability for a price decline in September.

Furthermore, the median return for ADA price in September during the mentioned period has been 14.8%. This highlights a possibility for a price increase; however, the overall trend suggests a higher likelihood for a price correction.

3 Cryptos to Outperform as Cardano May Plunge in September

As the broader cryptocurrency market continues to consolidate, some cryptocurrencies are positioned to outperform and offer traders opportunities for substantial gains. While Cardano (ADA) price may be poised for a downturn in September, based on historical data, several other cryptocurrencies are showing promising signs for a strong reversal.

Among the vast array of cryptocurrencies, Sei (SEI), TRON (TRX), and Dogecoin (DOGE) are three that have recently displayed encouraging trends and could potentially outshine ADA in the coming weeks.

Sei (SEI) Surges Amid Market Uncertainty, Open Interest Explodes

Designed as a Layer 1 blockchain specifically catered towards high-performance trading applications, Sei (SEI) has managed to buck the broader market uncertainty and showcase a strong price recovery.

Over the past three weeks, SEI price has surged from $0.2 to hit a high of $0.319 on Friday, registering an impressive growth of 52%.

As SEI price soared, its market capitalization also witnessed a substantial increase, reaching $12.94 billion at the time of writing. This surge in market cap highlights the growing interest and activity around Sei (SEI) in the cryptocurrency market.

Moreover, a glance at the open interest in the futures market for SEI, as highlighted by the Deribit exchange, reveals a remarkable surge. From a low of $39 million in early August, the futures open interest for SEI has soared to reach $98 million at the end of the month, indicating a growth of 151%.

This massive increase in open interest showcases a strong buildup of activity and liquidity in the SEI futures market, which could further amplify the price volatility and the potential for a strong recovery trend in the coming weeks.

TRON (TRX) Price Surges Past ADA, SunPump Launch Attracts Investors

As a decentralized blockchain platform, TRON (TRX) has notably captured the attention of investors, especially following the recent launch of SunPump, a platform designed for minting new meme coins.

With the introduction of SunPump and the minting of new meme coins, TRX price has experienced a recovery trend, pushing the cryptocurrency to hit a high of $0.17 on Friday before slightly retracing to trade at $0.16 at the time of writing.

This bullish trend also boosted TRX market capitalization to reach $14.1 billion, placing TRON as the ninth-largest cryptocurrency, while Cardano (ADA) price slipped to the eleventh position.

According to Intotheblock data, TRX has witnessed a continuous growth in the total number of addresses holding TRX since August 2020, recently reaching a peak of 100.8 million addresses, showcasing a remarkable increase in the number of entities investing in or utilizing TRX.

Total addresses holding TRX have surged to 100.8 Million, indicating a vast network of investors.

This growth in the number of addresses holding TRX is a positive indicator, suggesting that the cryptocurrency is attracting a wider audience and experiencing a rise in liquidity and stability in the market.

Considering these trends and the potential for TRX price to rally, some optimistic price predictions place the TRX price target above $0.3, presenting a significant upside for the cryptocurrency.

Dogecoin (DOGE) Surges, Large Investors Accumulate as Price Nears Resistance

As the largest meme coin by market capitalization, Dogecoin (DOGE) has also displayed promising signs for a strong reversal and outperformance in the coming weeks.

After hitting a low of $0.08 in August, DOGE price began to show a recovery trend, surging to reach a high of $0.1 on August 28, registering a rally of 28.8%.

As DOGE price surged, it also approached a crucial resistance trendline, which has capped the asset’s price movement for over five months. With the price approaching this key level, a breakout could propel DOGE towards higher targets.

Furthermore, a glance at the onchain metrics for DOGE reveals that, despite the overall downward price trend, the addresses holding 10 million to 100 million coins are accumulating through this correction.

According to Santiment data

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