Crypto Analysts Expect Altcoins to Climb Higher
26 Nov, 2024 ● Crypto News
While Bitcoin has pulled back from its all-time highs, traders remain focused on several altcoins, according to Santiment’s social sentiment tracker.
In a Nov. 26 post on X, the onchain analytics platform noted that while Bitcoin dropped below $93,000 on Nov. 25, “Traders are still riding the hot altcoins and discussing specific stories surrounding under-the-radar opportunities.”
According to Santiment, Ethereum, Sandbox, and Stellar are currently dominating social discussions among traders, with most conversations reflecting bullish sentiment.
Leading the trend is Sandbox, driven by renewed interest in metaverse-related investments.
Santiment highlighted “growing confidence among investors in SAND and related tokens” as the main factor behind its resurgence.
On its dashboard, Santiment noted that despite previous downturns, there is renewed optimism about metaverse tokens, adding, “Speculation about the reasons behind this trend and the future of these cryptocurrencies is also prevalent.”
Stellar (XLM) is gaining attention due to “interest from Korean investors following a political event,” with social media discussions linking it to price surges and market analysis.
Rounding out the top three is Ether (ETH), which traders are discussing in comparison to other cryptocurrencies, especially regarding its price performance.
Santiment noted that users are “expressing bullish sentiments about Ethereum’s potential to outperform other large caps, especially given favorable market conditions.”
Santiment’s social tracker monitors crypto-specific social media platforms like X and Telegram to identify the top 10 words with the most significant increases in mentions compared to the prior two weeks.
Regarding Ether, Santiment added that discussions emphasize its “historical performance and ecosystem value, indicating an interest in its future prospects.”
Other tokens, such as Axie Infinity, Pleasure Token (NSFW), and Tornado (TORN), have seen “the highest 24-hour rises in social volume,” according to Santiment.
Despite the heightened discussion around altcoins, the broader crypto market faced mass liquidations over the last 24 hours.
Data from CoinGlass revealed over $518.8 million in crypto positions were liquidated during this period, with long positions accounting for $389.3 million and short positions for $129 million. Altcoins represented the majority of liquidated positions.
A crypto trader with the X handle Moustache speculated that despite the recent pullback, “Altcoins are just warming up here,” and predicted that “the real party” is yet to come.
Another trader, Eugene Ng Ah Sio, took a more cautious approach, writing in a Nov. 26 post that they would be “watching & waiting” for now as the market has become increasingly unpredictable.
“This has been the most challenging bull market altseason I think I’ve experienced,” they said, adding, “Capital flow doesn’t make a ton of sense to me and degree of moves are very difficult to predict.”
Sources:
https://x.com/santimentfeed/status/1861207097561510032
https://academy.santiment.net/sanbase/emerging-trends-page/#calculation-methodology
https://www.coinglass.com/LiquidationData
