Introduction
Everyone in the crypto world tends to focus on the top coins by market cap or trading volume. But let’s be honest, sometimes the real gems are found when you dig a little deeper. Instead of talking about the big names, I’ve picked three DeFi coins that might not be making major headlines yet but have real potential to shine in 2024. This list isn’t based on any complex metrics, just my own research and gut feeling. So, if you’re keeping an eye on what’s next, these are definitely worth a look.
Wormhole ($W)
If you're into multichain solutions, Wormhole is a project that might interest you. The ability to move assets and data across different blockchains is becoming essential, and that’s where Wormhole shines. It's a bridge, literally, between big networks like Ethereum and Solana, and it supports over 30 blockchains in total. So, yeah, it’s doing something pretty significant.
The token has been a bit of a rollercoaster this year. Back in April, it was priced around $1.40, but it dropped to a low of $0.50, which ended up being a support level. It’s bounced back to around $0.77, which is a resistance level it’s tried to break through twice now. If it manages to do that, we could see some bullish movement.
Recently, the price has been moving sideways around $0.635, but it’s up about 12% over the past week, which tells me there's still interest in this token. I wouldn’t be surprised if it retests that $0.77 level soon. If you believe in the future of multichain applications, Wormhole is definitely one to watch.
Avalanche ($AVAX)
Avalanche is one of those coins that always seems to be in the conversation when people talk about Ethereum competitors. The thing about Avalanche is that it offers faster transactions and lower fees, which is a big deal for anyone working with smart contracts. It’s got a lot going for it.
Looking at its price history, Avalanche had a rough patch when it fell to $9, but it rebounded quickly. Investors really stepped in at that point, pushing the price up to $30, where it formed a new resistance level. Right now, it looks like we might be seeing a "head and shoulders" pattern, which could be a sign that AVAX is gearing up for another move upward. If it can break through $50, that might be the signal we’re looking for.
That said, it’s always possible that the broader market could drag it down. If we see another market-wide downturn, AVAX could drop below $30. But I’m cautiously optimistic, and if we stay on this path, it could have a strong year ahead.
BounceBit ($BB)
BounceBit is a bit of a wildcard, and I think that's why I like it. It’s not one of the big names, but it’s doing something interesting in the staking space. Bitcoin holders can restake their assets and earn passive income through a dual-token proof-of-stake mechanism. That alone makes it stand out from the crowd.
What’s caught my attention is the partnership with Ethena, which allows users to stake $BBUSD and earn $sUSD yield. You also get 5x sats per day and $BB rewards, which adds up if you're in it for the long haul. For Bitcoin holders who don’t want to sell their Bitcoin but want to earn on the side, this is an intriguing option.
From a technical perspective, there isn’t a ton of data yet since BounceBit is still relatively new. Right now, there’s support around $0.60, but the key resistance is at $0.85. If it picks up some more volume, I think it could break through that. Of course, with newer tokens, there’s always a bit of unpredictability, so it’s one to watch with caution.
Conclusion
There’s a lot happening in the DeFi space, and while the big players tend to grab the headlines, I think there’s real value in keeping an eye on some of the smaller, up-and-coming projects. Wormhole, Avalanche, and BounceBit each have their own strengths, and I wouldn’t be surprised to see them gain more attention in 2024. As always, do your own research and be mindful of the risks. But if you’re looking for new projects to add to your watchlist, these might be worth considering.
