Altcoins Take Lead With Litecoin, Shiba Inu and Solana on Radar

With Bitcoin leading the broader crypto market rally, altcoins have been showing good moves off lately. As we know, trading activity in Litecoin (LTC) has picked up quite fast recently as we approach the Litecoin halving event in mid-August next month.

Earlier this week on July 3, the LTC price made a new 2023 high of $114. However, it has faced partial retracement since then and is currently at its crucial support level of $102. But there’s some heavy accumulation currently going around Litecoin at the moment. On-chain data provider Santiment reported:

“Litecoin’s millionaire addresses are continuing to increase in number, as the #halving is within a month away now. Prices corrected over the #4thofJuly break, but don’t be surprised if another $LTC rally happens with all of this #whale accumulation”.

Litecoin has been one of the top-performing altcoins recently and is trading up by over 25% on the weekly chart. It has also managed to grab a spot among the top ten cryptocurrencies by market cap.

Altcoins Shiba Inu and Solana On Radar

Activity on the world’s second-largest memecoin Shiba Inu has been buzzing recently. On Wednesday, July 5, Shiba Inu was the token with the highest transaction fees. On-chain data provider Santiment reported:

Shiba Inu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple weeks. Despite the underwhelming price performance, our latest insight covers why there’s promise behind one of 2021’s favorite memecoins.

Some of the positive drivers for the Shiba Inu price ahead include “network growth, the network realized profit loss completely underwater, and decreasing supply of SHIB on exchanges”.

Similarly, the traders’ attention has also moved to Solana recently. On-chain data provider Santiment explains that Solana is experiencing a significant surge that has caught attention. Within the last 2 hours, its price has skyrocketed, resulting in a remarkable 35% increase over the past 3 weeks. This marks a notable milestone for Solana since April.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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.