Most top crypto assets saw a significant price drop within the past 24 hours. As of press time, some had crashed by as much as 15%.
Market intelligence platform Santiment revealed a glimmer of hope amid the bearish trend. The platform mentioned seven altcoins that saw the worst hit in a tweet, adding that they could see “a swift rebound” if retailers begin selling their holdings.
Altcoins, particularly those that have surged significantly during this 2-month bull rally, have plummeted today. If retail traders react with fear and begin selling off their bags, expect a swift rebound to assets like TRX, AVAX, DOT, ICP, POL, FIL, and TIA. pic.twitter.com/tW8AzzGLjc
— Santiment (@santimentfeed) December 9, 2024
Altcoins Face Bearish Trend
The seven altcoins on Santiment’s list include TRON (TRX), Avalanche (AVAX), Polkadot (DOT), Internet Computer (ICP), Polygon (POL), Filecoin (FIL), and Celestia (TIA).
These crypto assets have seen significant price gains within the past two months. For example, TRX recently surged from $0.23 to $0.43, surpassing its 2018 price high. This rapid uptrend made the crypto project’s founder, Justin Sun, call TRX the next XRP (another altcoin that saw a massive surge within a few days).
AVAX has also seen massive gains recently, soaring from $28 to $54 within the past month. DOT also jumped from $4.35 to $11.1 in the same time frame. The other altcoins also recorded significant price surges. These assets’ values have now dropped significantly, sparking fear and uncertainty among token holders.
Due to the latest price tumble, Santiment hinted that retail traders might sell their holdings out of fear.
What Could Drive the Rebound?
The market intelligence platform believes these assets could experience an impressive bounce-back if retailers offload their altcoin holdings.
The firm had explained in a previous report that crypto assets often go in the opposite direction from traders’ expectations. A bearish outlook towards these assets can prepare them for a bullish uptick. In other words, a bearish trend can drive the altcoin family’s rebound if this trend happens.
