The crypto market is bullish, with several altcoins charting notable gains. Solana (SOL) leads this charge, which has seen a roughly 35% increase in value over the past week.
This uptrend is not isolated to Solana alone; other major altcoins like XRP and Cardano (ADA) also enjoy significant upticks. This trend signals a potentially broader market recovery and offers a positive outlook for investors who have weathered a prolonged bear market.
Buying On The Dip: A Strategy For Growth
Michaël van de Poppe, a renowned analyst in the crypto analysis sphere, has recently spoken out about the shift in market dynamics. In his view, altcoins are not just rising; they are breaking out, signaling a more profound change in the crypto ecosystem.
This breakout could be the indicator of an even more substantial growth phase for these digital assets, according to the analyst.
Amid this resurgence, Michaël van de Poppe has offered strategic advice to the crypto investment community. The analyst believes that the current prices of altcoins represent a dip in the market, presenting a prime opportunity for buying. With a clear shift in sentiment, the analyst encourages investors to capitalize on these lower entry points.
The analyst also draws an alignment between the current market conditions and the end of the bear market cycle 2018, suggesting that we may be on the cusp of a similar reversal.
With the US monetary policy tightening phase seemingly coming to an end, there’s an air of optimism that the bearish grip on the market may be loosening, according to the analyst.
Van de Poppe’s analysis also posits that the market is transitioning, setting the stage for the conclusion of the bear cycle and the beginning of sustained growth.
#Altcoins are breaking out significantly and I think majors are going to follow suit.
Time to load on the dips, it’s a different sentiment. 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 Van de Poppe’s analysis, Solana and XRP had recorded double-digit gains, with Solana taking the lead, recording a massive gain of 35% in the past 7 days. XRP saw a 10.5% gain over the same period.
Both assets currently trade at $41.51 and $0.60, respectively, at the time of writing, with SOL recording a mere increase of 0.2% over the past 24 hours and XRP gaining 1.4% in the same period.
While ADA has only seen a slightly lesser gain of just 5.8% in the past 7 days, the altcoin records the highest gain among these three top altcoins in the past day. ADA trades at $0.30, up by 6.5%, over the past 24 hours.
Featured image from Unsplash, Chart from TradingView