Altcoins Rally: SOL, AVAX, and KAS Showcase Strong Performances

• Solana hit a six-month high with an 18% surge in 24 hours.
• The global market cap is down 1.01%, and Bitcoin’s dominance is at 51%.

In a tale of contrasting halves, the crypto market underwent a rollercoaster ride for the first three quarters of 2023, with a downturn that seemed unrelenting. However, the last quarter heralded a wave of optimism, as the market saw a resurgence in bullish sentiment. Notably, top coins like Bitcoin and Ethereum finally breached long-awaited resistance levels, surpassing $35K and $2K, respectively. Following suit, altcoins also stepped up, challenging the prolonged bearish trend.

The current market signals a slight bearish trend, recent dynamics showed a 1.01% decrease in the global market cap over the last day. Bitcoin’s dominance, at 50.77%, saw a 0.34% decrease in the same period. 

Despite this, the total crypto market volume in the last 24 hours surged to $66.14B, marking a notable 7.26% increase. DeFi contributed significantly, accounting for $7.44B, which constitutes 11.25% of the total crypto market volume. Stablecoins, on the other hand, held a significant portion at $58.75B, comprising 88.83% of the total crypto market volume in the last 24 hours.

Amidst this volatile landscape, certain altcoins have soared to new heights, making waves within the crypto sphere.

Solana (SOL)

Solana, one of the prominent altcoins in the top ten cryptocurrencies by market capitalization, recently hit a six-month high of $63. While experiencing volatility within the $52 to $59 range the past two days, the coin saw an astonishing 18% surge in the last 24 hours, once again touching the six-month high. During this surge, market capitalization soared by 19%, accompanied by a 15% increase in trading volume.

Interestingly, this bullish turn coincided with the transfer of 250,000 SOL tokens (worth approximately $14 million) by FTX to the Kraken crypto exchange on Nov. 13.

Technical analysis of recent movements signals a bullish trajectory on the daily chart, with the 9-day exponential moving average (EMA) positioned below the current trading price at $53. However, caution is warranted as the daily relative strength index (RSI) stands at 81, indicating an overbought condition.

Avalanche (AVAX)

Another standout altcoin, Avalanche, surged to a seven-month high of $20, marking an impressive 113% increase in value over the past 30 days. In the last 24 hours alone, the trading volume surged by 54%.

The surge in TVL (Total Value Locked) and DEX (Decentralized Exchange) volumes on Avalanche has been a notable factor in this surge. As TVL grows, it contributes more income and fees to the network, thereby enhancing its success. This surge in TVL indicates a growing user base, a positive indicator for traders.

Analyzing recent movements, the daily chart suggests a bullish trajectory, with the 9-day exponential moving average (EMA) positioned below the current trading price at $16. However, caution is advised as the daily RSI stands at 89, signifying an overbought condition.

Kaspa (KAS)

Kaspa, ranking among the top 35 cryptocurrencies by market capitalization, recently reached an all-time high of $0.107, surging by 26% in the past 24 hours. During this time frame, trading volume surged by 85%, paralleled by a 26% increase in market capitalization.

This surge, which was initiated a week ago, marked a remarkable 48% increase over the past seven days, capturing investors’ attention. Notably, Kaspa made a successful entry into the South Korean market, further underscoring its growing popularity among cryptocurrency traders and investors.

Analyzing recent movements, the daily chart indicates a bullish trajectory, with the 9-day exponential moving average (EMA) positioned below the current trading price at $0.86210. However, it’s crucial to note that the daily RSI stands at 80, signaling an overbought condition.

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• Source: https://thenewscrypto.com/altcoins-rally-sol-avax-and-kas-showcase-strong-performances/