A shift in trader sentiment from fear to greed has been observed, signaling the potential arrival of the much-awaited altcoin season. Market analytics platform Santiment highlighted this shift, cautioning that such sentiment changes could denote a local market top before a possible correction.
Santiment emphasized the significance of trader sentiment, particularly concerning speculative assets, in predicting market trends. Increased discussions around an upcoming altcoin season, where alternative cryptocurrencies outpace Bitcoin (BTC), often coincide with market fluctuations, seen notably after the recent dip last week.
Interestingly, Santiment’s data revealed a pattern reminiscent of July, showing a similar surge in conversations about an altcoin season that preceded a market peak. This trend appears to be repeating, contributing to the recent market correction.
However, amidst this market fluctuation, certain altcoins have experienced notable surges, notably AKT and ABT. Akash Network (AKT) saw an impressive 24-hour gain of 21.4% and a seven-day increase of 36.6%. The token’s recent recovery was marked by a resilient hold above the $1.5 support level, following a drop to $1.5127 on December 11, ultimately leading to a strong comeback, reaching $2.28.
On the other hand, Arcblock (ABT) witnessed a substantial surge following consolidation from December 11 to 12. The token surged by 101% within 24 hours, climbing from $0.1544 to $0.3104. This surge propelled ABT to price levels unseen since July 2019, although it faces resistance at its five-year-high of $0.3104, currently trading at $0.2479 with a 57% increase over 24 hours.
As excitement grows around the potential altcoin season and the possibility of substantial gains, investors should be mindful of increased volatility and heightened risks associated with this market phenomenon.
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