Solana Surges By 40%, ETC Up By 17%; Can Altcoins Keep Up This Rally Ahead?
Solana News: The global crypto market registered a broad recovery in the first week of 2023 after an intense sell off in December 2022. The largest cryptocurrency, Bitcoin is still struggling to regain the $17k price level. However, altcoins have continued to reap the benefits of positive investors’ sentiment toward the market.
Solana price recovery to continue ahead?
As per the data, altcoins like Solona (SOL), Lido Dao Token (LDO), Bitdao (BIT) and Aptos (APT) 7 days price breakout have sent some hope to the crypto community in the bear market.
Just a week ago, Solana got declared as a dead project over the internet. However, Solana price have now managed to surge by over 40% in the last 7 days. Solana price decoupled from the other major cryptos to record a surge of 17% over the last 24 hours. SOL is trading at an average price of $13.77, at the press time.
Data depicts that Solana saw a spike in its social dominance around 26 December. This directly indicates that the traders realized that Solana price would recover.
Solana 24 hour trading volume is up by 190% to stand at $1.49 billion. However, it was being heavily shorted on perpetual contracts which is a good sign of SOL surging ahead.
Ethereum Classic another winner
Ethereum Classic (ETC) is another altcoin that is seeing a price rally right now. Its 24 hour trading volume is up by a massive 253% to stand at $276 million. Ethereum Classic price jumped by a whopping 17% in the last 7 days.
As per reports, ETC is being shorted big time by traders on exchanges amid high trading volume.
Can Altcoins maintain this run?
Traders are shorting massively which can be identified as a good indicator for some altcoins’ price jump. However, mixed exchange funding rates are making the probability of altcoins price surge equal to a coin flip.
Experts suggest that traders need to be careful here as altcoins are on a surge. It is essential to see if buying the dip trends makes a come back on the internet.
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