The altcoin market is displaying renewed signs of recovery, especially in the wake of Bitcoin losing its year-to-date bullish momentum last month. The eagerly anticipated alt season appears to be on the horizon, as Bitcoin’s dominance has been in decline for three consecutive months. However, it’s worth noting that any continued weakness in Bitcoin could potentially impact altcoin liquidity, potentially dragging them down in tandem.
Santiment’s Insights on Promising Altcoins
According to the market intelligence platform Santiment, most altcoins are currently in a favorable buying zone after enduring significant losses since June. Santiment has identified several altcoins that it expects to perform well in the near future, including DODO, GALA, MAGIC, MASK, and SRM.
Gala (GALA) Shows Signs of Resilience
Gala (GALA), a blockchain dedicated to gaming, has garnered significant attention, particularly as Gamification projects gain mainstream adoption. According to Coingecko’s market data, GALA is trading at approximately $0.0161, reflecting a 3.6 percent increase in the past 24 hours. The Gala price is approaching a critical support level, suggesting the potential for a rebound, especially considering the heightened daily trading volume.
DODO Gains Momentum
Dodo, an emerging decentralized exchange operating on Ethereum and Binance Smart Chain, has witnessed a surge in its governance token’s value over the past few days. Recent cryptocurrency data indicates that DODO’s price has surged by approximately 21 percent in the last 24 hours, reaching around $0.116 during the early Asian session on Wednesday. Furthermore, DODO’s daily average trading volume has experienced a remarkable increase of approximately 1,015 percent in the past 24 hours, reaching approximately $55,162,128.
Magic (MAGIC) Poised for a Comeback
Magic (MAGIC), an upcoming cross-game ecosystem that connects games, players, metaverses, and communities within Web 3.0 platforms, has also seen a positive price movement. In the past 24 hours, MAGIC’s price has risen by approximately 3 percent, settling at around $0.5128. Notably, the altcoin is currently retesting a crucial support level, potentially signaling a rebound towards this year’s high of approximately $1.91, which was achieved in February.
