The crypto market is bullish, with several altcoins seeing notable gains. Leading this charge is Solana (SOL), which has seen an increase of around 35% in value over the past week.
This upward trend is not limited to Solana; other major altcoins like XRP and Cardano (ADA) are also enjoying significant upside. This trend signals a potentially broader market recovery and provides a positive outlook for investors which have withstood a prolonged bear market.
Buying in a downturn: a growth strategy
Michaël van de Poppe, a renowned analyst in the field of cryptographic analysis, recently pronounced on the change in market dynamics. According to him, altcoins are not just going up; they are to burstsignaling a deeper shift in the crypto ecosystem.
This breakout could be an indicator of an even more serious situation significant growth phase for these digital assets, according to the analyst.
Amid this resurgence, Michaël van de Poppe offered strategic advice to the crypto investment community. The analyst believes that current altcoin prices represent a market decline, presenting an excellent buying opportunity. With a clear shift in sentiment, the analyst encourages investors to capitalize on these lower entry points.
The analyst also draws alignment between current market conditions and the end of the 2018 bear market cycle, suggesting we may be on the cusp of a similar reversal.
As the tightening phase of US monetary policy appears to be coming to an end, there is an air of optimism that the bearish grip on the market may be easing, according to the analyst.
Van de Poppe’s analysis also posits that the market is in transition, paving the way for the conclusion of the down cycle and the start of sustained growth.
#Altcoins are growing significantly and I think the majors will follow suit.
It’s time to hit the dips, it’s a different feeling. Hiking policy is coming to an end -> end of bear market in 2018. End of bear market as we speak.
Enjoy the ride!
– Michaël van de Poppe (@CryptoMichNL) November 1, 2023
Altcoins: SOL and XRP record double-digit gains, except for ADA
Meanwhile, before According to Van de Poppe’s analysis, Solana and XRP saw double-digit gains, with Solana taking the lead, recording a massive 35% gain over the past 7 days. XRP saw a 10.5% gain during the same period.
The two advantages currently trading at $41.51 and $0.60, respectively, at the time of writing, with SOL seeing a mere 0.2% increase over the past 24 hours and XRP gaining 1.4% over the same period.
While ADA only saw a slightly smaller gain of just 5.8% over the past 7 days, the altcoin records the highest gain among these three major altcoins over the past day. ADA is trading at $0.30, up 6.5% in the last 24 hours.
Featured image from Unsplash, chart from TradingView