witnessed a massive price correction soon after it touched an all-time high. This triggered bearish sentiment in the market, causing most altcoins’ prices to plummet as well. However, a key metric reached a level hinting at a possible altcoin rally.Bitcoin managed to cross the $69k mark, but the coin’s value dropped soon after that. Though this massive drop in price looked bearish for the entire market, a metric suggested that altcoins might make a recovery soon.
In fact, our analysis of Glassnode’s data revealed that the token’s Network Value to Transactions ratio dropped in the last few days. Whenever the metric drops, it suggests that the asset is undervalued, increasing the chances of a price uptick.Solana also turned bullish as its value moved up marginally in the last 24 hours. At press time, SOL was trading at $130.58 with a market cap of over $57 billion. To better understand where SOL was headed, we took a look at its daily chart.
We found that after registering a drop, SOL’s Relative Strength Index moved upward. Additionally, its Chaikin Money Flow also followed a similar trend.A similar trend was noted for XRP. The token’s RSI and CMF also went up. On top of that, the token’s MACD displayed a bullish advantage in the market.
Not only that, but bullish sentiment around the token also went up in the recent past, which was evident from the hike in its weighted sentiment.Considering all these metrics and indicators, whether ETH, SOL, and XRP manage to start an altcoin rally will be interesting to watch.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry.