The Red Devils are currently seven points adrift of leaders Arsenal in the table following an indifferent start to the season.
Despite the champions' stuttering campaign so far, Giggs believes that there is still time for the team to put together a serious challenge.
"It has been a crazy season so far. We've been in so many title races and from experience we know we've just got to hang in there while we're not at our brilliant best," he told The Times.
"As long as we're there or thereabouts in January and we get a run together, history shows that the team who does that will have a great chance of winning the league."
United continue their Champions League campaign tonight when they face Bayer Leverkusen in Germany.