The cryptocurrency market faces a short-term fall as users hunt for altcoins to sell amid recent volatility. According to on-chain data, the last day has seen a dramatic drop in cryptocurrency prices. This price decrease cut a prior recorded weekly gain as the price of Bitcoin (BTC) dropped below $63,000.
Top cryptocurrencies, excluding Bitcoin, also saw a decline in market prices, with several hitting double digits as sentiments plummeted. Top altcoins are losing traction as macroeconomic variables fluctuate, with bulls predicting a brief dip before a rebound. These three altcoins are suitable investments during the market correction.
Solana (SOL)
At $143, Solana is still one of the most popular altcoins among users. However, it has dropped 17% so far this month and 1.93% over the past 24 hours. Weekly flows for Solana are still in the green, though. Based on its decline over the past 48 hours, the asset is one of the altcoins to sell.
The drop in trade volumes is another element working against SOL’s short-run performance. Weaker on-chain factors are indicated by the 12.26% decrease in daily trading volumes. Solana meme coins have also witnessed a drop in momentum in the recent 24 hours.
The Polkadot (DOT)
Polkadot trades at $6.92, down 2% over the previous day as sentiments deteriorate. Along with recent outflows, DOT joins altcoins that have lost weekly gains. Some traders have identified it as an altcoin to sell this week despite the community’s optimism that it will rise from its recent low. The asset showed monthly outflows of 22%.
Dogecoin (DOGE)
The most popular meme coin, Dogecoin, gained positive momentum, with some traders predicting a surge above $1. But as other memecoins lose traction, short-term declines jeopardize the asset’s shape. This week, DOGE’s daily trading volumes have fallen. Memecoin’s market capitalization is down 2.2% to $50.7 billion.
Despite being in decline, many altcoins have surged this year as bulls have projected strong feelings.
