Altcoins
3 Altcoins to Sell During Short-Term Market Correction
The cryptocurrency market is facing a near-term decline as users look 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 dramatically reduced previously recorded weekly gains as the price of Bitcoin (BTC) plummeted below $63,000.
Aside from Bitcoin, major altcoins have also seen declining prices in the market, with some gaining double digits as sentiment plummets. The loss of momentum for top altcoins follows a swing in macroeconomic factors with bulls anticipating a near-term correction before the rebound. Here are three altcoins to sell during the market correction.
Solana (SOL)
Solana remains among the community’s favorite altcoins with a price of $143. Solana it is down 1.93% in the last 24 hours and 17% this month. However, weekly flows for Solana still remain in the green zone. The asset’s decline in the last 48 hours places it among the altcoins to sell.
Another factor that works against SOL performance in the short term is the decline in trading volumes. Daily trading volumes decreased by 12.26% indicating weaker on-chain factors. Solana’s Memecoin they have also seen a loss of momentum over the past 24 hours.
Polka dot (DOT)
Polkadot trades at $6.92, down 2% over the past 24 hours as sentiment plummets. DOT joins altcoins that have lost weekly gains as in recent outflows. While the community hopes it can recover from its recent low, some traders have flagged it as an altcoin to sell this week. The asset saw monthly outflows of 22%.
Dogecoin (DOGE)
Memecoin leader Dogemoneta attracted bullish momentum with some traders targeting $1. However, the near-term correction threatens the asset’s shape as other memecoins lose momentum. This week, daily trading volumes for DOGE have decreased. The total memecoin market capitalization fell 2.2% to $50.7 billion.
Although these altcoins have been in decline, they have rallied this year with bulls giving projections of positive sentiments.
Read also: What will happen to the price of Cardano this month?