Top 5 Undervalued Cryptos Set to Surge in October 2025

The September 2025 crypto market has been a study in contrasts: regulatory clarity in the U.S. and institutional adoption have injected optimism, while macroeconomic volatility and ETF outflows have created short-term turbulence. Yet, beneath the noise, a clear narrative is emerging-capital is rotating toward projects with real-world utility, infrastructure roles, and emerging chain adoption. For investors seeking smart money allocation, the focus is shifting to undervalued cryptos that align with structural trends like tokenized assets, synthetic finance, and cross-chain interoperability.

1. Ondo Finance (ONDO): Bridging Institutional Liquidity and Crypto

Ondo Finance has emerged as a cornerstone in the tokenized U.S. Treasury market, offering yield-bearing products that bridge traditional finance and crypto. With a total value locked (TVL) growing alongside institutional partnerships like BlackRock's BUIDL, ONDO's market cap of $2.75B is a stark discount to the multi-trillion-dollar Treasuries market it supports, according to a Changelly analysis. The project's ability to tokenize real-world assets (RWAs) while maintaining regulatory compliance positions it as a critical infrastructure player in a sector poised for explosive growth.

2. Ethena (ENA): Yield Innovation in Synthetic Finance

Ethena's synthetic dollar (USDe) has disrupted DeFi yield strategies by generating cash flows from funding rates and staking rewards. With USDe supply surpassing $12 billion, ENA's market cap remains undervalued relative to its utility in a niche that's redefining stablecoin economics; Changelly's coverage of undervalued assets highlights similar valuation gaps. The project's alignment with Ethereum's expanding DeFi ecosystem and its role in funding rate arbitrage make it a compelling bet for capital seeking high-yield, low-volatility exposure.

3. Jupiter (JUP): Solana's DEX Aggregator Dominance

Jupiter has solidified its position as Solana's leading decentralized exchange (DEX) aggregator, capturing over 21% of DeFi TVL on the chain, a point also noted in Changelly's piece on undervalued projects. Despite this dominance, JUP's market cap of $1.32B lags behind its utility, reflecting a mispricing in a rapidly growing chain. Solana's low fees and high throughput have made it a hub for emerging DeFi protocols, and Jupiter's role in aggregating liquidity ensures it benefits from the chain's adoption tailwinds.

4. Pyth (PYTH): Oracles for Institutional and Government Use

Pyth's pull-based oracle network has expanded beyond DeFi to include government contracts, such as its partnership with the U.S. Department of Commerce to disseminate macroeconomic data, a development discussed in Changelly's analysis of undervalued assets. With a TVS (Total Value Secured) of $5.31 billion, PYTH's institutional recognition and expanding use cases in both crypto and traditional markets highlight its undervaluation. As on-chain data becomes a critical asset for macroeconomic analysis, Pyth's infrastructure role is set to grow.

5. Chainlink (LINK): Cross-Chain Infrastructure Resilience

Chainlink's oracle network remains a backbone for DeFi, with post-SEC litigation clarity positioning it for renewed adoption, as noted in Mooloo's analysis. Despite trading 60-70% below its all-time high, LINK's role in securing cross-chain data and its integration with emerging protocols make it a foundational asset. The project's focus on hybrid smart contracts and its expanding partnerships with Layer-2 solutions like Polygon underscore its long-term value.

October Outlook: Structural Drivers and Smart Allocation

The October 2025 rally is likely to be fueled by three factors: continued ETF approvals, Federal Reserve rate cuts, and the Halloween effect-a historical pattern of market strength in October. For smart money allocation, the focus should be on projects with:
- Regulatory alignment (e.g., Ondo's RWA tokenization).
- Emerging chain adoption (e.g., Jupiter on Solana).
- Infrastructure utility (e.g., Chainlink and Pyth).

As capital rotates from Bitcoin dominance (58.0% in September) to altcoins, investors who prioritize projects with clear utility and institutional traction will be best positioned to capitalize on the next growth cycle.