Altcoins Soar as Bitcoin Rallies: Mini Breakouts for SOL, ARB, XMR, XLM

• Altcoins such as Solana (SOL), Arbitrum (ARB), Monero (XMR) and XRP rival Stellar (XLM) are enjoying mini breakouts due to profit redistribution from Bitcoin’s latest rally and the frenzy around the recent spot Bitcoin exchange-traded fund applications.
• Blockchain analytics platform Santiment noticed that deep-pocketed investors moved massive amounts of altcoins on Wednesday, making it one of the top three days for whale transactions so far in 2023.
• According to Santiment, many crypto traders kicked off this week with a bearish bias, a historic indicator that the market will flip bullish.

Altcoins Enjoying Mini Breakouts

Blockchain analytics platform Santiment says a handful of altcoins are experiencing mini-breakouts as Bitcoin (BTC) trades near $30,000. These altcoins include Solana (SOL), Arbitrum (ARB), Monero (XMR) and XRP rival Stellar (XLM). The main reasons for this mini breakout are due to profit redistribution from Bitcoin’s latest rally and the frenzy around the recent spot Bitcoin exchange-traded fund applications.

Whale Transactions on Wednesday

Santiment also noticed that deep-pocketed investors moved massive amounts of altcoins on Wednesday, making it one of the top three days for whale transactions so far in 2023. Among these assets were MATIC, CHZ, CRV and even USDT.

Bearish Bias Indicating Bull Market

According to Santiment, many crypto traders kicked off this week with a bearish bias, which is a historic indicator that the market will flip bullish soon. This means that prices may retrace and provide opportunities to buy in between $27,000-$29,000 level. High bearish sentiment increases further rise probability.

Altcoin Price Changes

Stellar was seeing the biggest rally at 12%, followed by ARB at 7% and both SOL and XMR at 5%. Currently Stellar is trading for $0.10, up 18.3% in seven days while Ethereum scaling solution Arbitrum is worth $1.14 up 2% in seven days; Solana is trading for $17.76 up 4.8% in seven days; Monero is worth $163.28 up 8% in seven days respectively according to Santiment data analysis .

Conclusion:

In conclusion we can see that there has been an increase of interest towards altcoins recently due to their significant price changes caused by deep pocketed investors moving massive amounts of coins as well as traders expecting prices to retrace providing them opportunities buy at lower levels resulting in higher profits when prices eventually rise again following its bearish trend leading into bull market again soon enough as history has proven time and time again thus far during this cryptocurrency market cycle .