Amid the broader market correction, altcoins have faced an even deeper fall with Ethereum (ETH) and other top alts plummeting by 10-15% over the past week. However, the Santiment analysis shows that three altcoins – XRP, APT, and LINK – could make big moves ahead amid fundamental developments and institutional interest.
Three Altcoins to Watch For A Rally Ahead
The first altcoin that Santiment talks about is Ripple’s native cryptocurrency XRP. The social sentiment around XRP has shot up majorly amid key developments such as asset manager Bitwise filing for a spot XRP ETF this week. On the other hand, the U.S. Securities and Exchange Commission (SEC) decided to appeal the court decision on the XRP lawsuit in the Second Circuit court.
The news of the appeal has already sent the XRP price crashing down by 15% on Thursday, moving all the way to $0.52. However, amid the calls of the ‘Uptober’ rally, the Ripple native crypto could gain strong attention from traders taking it further beyond $0.60.
The second major cryptocurrency that Santiment mentions is Aptos. A day before, Aptos Labs made an aggressive move to expand in Japan’s Web 3 market with the acquisition of HashPalette. By incorporating the Palette blockchain, widely recognized for its broad adoption in Japan, Aptos seeks to connect traditional technology with the emerging Web3 space.
On the other hand, the on-chain U.S. Government Money Fund will be leveraging the Aptos blockchain. As per the latest CoinGape report, the APT price can rally all the way to $20 amid the soaring network activity.
The third altcoin that Santiment is bullish on is Chainlink (LINK). The oracle service provider recently collaborated with the SWFIT platform to establish interoperability with TradFi. Furthermore, Santiment reported that successful trials have demonstrated that Chainlink’s Cross-Chain Interoperability Protocol (CCIP) effectively connects multiple blockchain networks for financial institutions.
What About ‘Uptober’ Rally Sentiment for XPR and Others?
The month of October has started exactly what many anticipated with the massive ‘Uptober’ rally. According to analytics firm Santiment, mentions of “Uptober” have significantly declined, indicating a shift in trader sentiment toward a more bearish outlook for October as an automatic crypto rally. This growing pessimism, however, may create an opportunity for at least a short-term market bounce, Santiment noted.
However, Bitcoin needs to show strength to revive the broader market sentiment moving ahead. The BTC price bounced back partially after taking support at $60,500 yesterday. Bulls need to defend this level to prevent a further slide to $52,000.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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