Altcoins
3 Altcoins to Sell Amid Short-Term Market Correction
The cryptocurrency market is facing a near-term decline as users search for altcoins to sell amid recent volatility. On-chain data shows a sharp drop in cryptocurrency prices over the past 24 hours. This price drop reduced previously recorded weekly gains as the price of Bitcoin (BTC) fell below $63,000.
Besides Bitcoin, top altcoins also posted falling prices in the market, with some hitting double digits as sentiments plunged. The top altcoins’ loss of momentum follows a shift in macroeconomic factors, with bulls predicting a near-term correction before a rebound. Here are three altcoins to sell amid the market correction.
Solana (SOL)
Solana remains among the community’s favorite altcoins with a price of $143. Solana is down 1.93% in the last 24 hours and 17% this month. However, the weekly flows for Solana are still in the green zone. The asset’s fall over the past 48 hours ranks it among the altcoins to sell.
Another factor adverse to SOL performance in the short term is declining trading volumes. Daily trading volumes are down 12.26%, indicating weaker on-chain factors. Solana Coins have also recorded a loss of momentum over the past 24 hours.
Polka dot (DOT)
Polkadot is trading at $6.92, down 2% over the past 24 hours as sentiments plummet. DOT joins altcoins that have lost weekly gains like in recent outflows. As the community hopes it can recover from its recent low, some traders have flagged it as an altcoin to sell this week. The asset recorded monthly outflows of 22%.
Dogecoin (DOGE)
Memecoin leader Dogecoin has attracted bullish momentum, with some traders predicting a run to $1. However, a near-term correction threatens the asset’s shape as other memecoins lose strength. This week, daily trading volumes for DOGE fell. The total memecoin market cap is down 2.2% to $50.7 billion.
Although these altcoins are in decline, they have rebounded this year with the bulls giving projections on positive sentiments.