- Santiment predicts altcoin recovery amidst the Bitcoin crisis in its latest blog.
- The analytics platform has observed an increase in Solana, Lido DAO, BitDAO, and Aptos’ values.
- The blog also highlighted high-volume transactions for Ethereum Classic.
Crypto behavior analytics platform, Santiment tweeted a published article discussing altcoins and its take on Solana, BitDAO, Aptos, Lido DAO token, and more. The blog addresses how Bitcoin is currently struggling to float above $17,000. Meanwhile, the platform has observed a 7-day altcoin breakout indicating positive returns.
At the moment, Solana (SOL) demonstrates a 40% increase in value, while Lido DAO ($LDO), BitDAO($BIT), and Aptos ($APT) show a 42%, 41%, and 21% improvement. Moreover, the document highlights that while traders perceived this period of attractive returns as just another bear market week, post-November 21, some all-time highs have been noted.
Solana, which was claimed as a dead project by many, has bounced back with a major 17% decoupling from the markets, following a gain in transaction volume. Currently, Solana process close to 30 million daily transactions, higher than any other blockchain.
At present, SOL is being heavily shorted on perpetual contracts driving prices upwards. Moreover, the article mentions that the asset’s social dominance line is in for a potential spike, suggesting a recovery arc for Solana.
On the other hand, Ethereum Classic is experiencing high volume in addition to being shorted heavily by traders on exchanges.
Santiment anticipates this altcoin recovery trend to continue after predicting a significant crowd short bias which was identified as a good indicator for some upcoming altcoin climbs. However, the platform suggests traders be careful when it comes to market climbing and “buy the dip” trends.