The cryptocurrency market has disappointed investors over the past two weeks, failing to deliver the anticipated “Uptober” rally. While early October sell-offs can be attributed to geopolitical tensions between Israel and Iran, several major altcoins have yet to show signs of bottoming out, suggesting the potential for a prolonged correction. As a result, investors may want to consider selling certain cryptocurrencies to mitigate further losses this month.

Top 5 Cryptocurrencies to Consider Selling in October

While Bitcoin has rebounded from the $60,000 level, sparking a relief rally across the altcoin market, on-chain analysis indicates several cryptocurrencies may face continued downward pressure:

Toncoin (TON)

Toncoin has seen a 35% decline over the past 100 days, dropping from $8.17 to $5.28. A downward trendline and lower highs suggest selling pressure on rebounds. Daily active addresses have plummeted from 1,978 to just 207 since August, indicating reduced network activity. TON could potentially fall another 13% to $4.60 support.

Cardano (ADA)

ADA has been consolidating above $3 support in a symmetrical triangle pattern, which could spark renewed bearish momentum. Large holders with 1-10 million ADA have reduced their positions by 5%, from 12.86 billion to 12.19 billion tokens.

Shiba Inu (SHIB)

SHIB continues to struggle with resistance at the $0.00002 level. Despite trading at $0.000018, major holders have shown little interest in accumulating more tokens, with supply held by top addresses remaining flat at 61.2% since March.

Litecoin (LTC)

Litecoin has been range-bound since March 2022, showing a lack of decisive momentum. The 30-day MVRV ratio has surged to 27%, suggesting short-term traders may soon take profits. LTC could retrace to test support at $52.

Worldcoin (WLD)

While WLD has broken out above $2.175 resistance, the supply available on exchanges has doubled since mid-April to 72.9 million coins. This increased selling pressure could limit upside potential.

Conclusion

Current market trends point to potential continued corrections for these five cryptocurrencies. Decreased network activity, reduced whale holdings, and increased exchange supply are creating bearish momentum that investors should monitor closely when considering their positions.