Story Highlights

  • As Bitcoin’s dominance wanes, the altcoin market is showing signs of recovery, which could pave the way for an altcoin season. However, Bitcoin’s continued weakness could affect altcoin liquidity.

  • Santiment highlights promising altcoins such as DODO, GALA, MAGIC, MASK, and SRM, with GALA and DODO experiencing recent price surges. Gala has attracted attention in the gaming blockchain space, while DODO’s governance token has also gained significant momentum with a significant increase in daily trading volume.

The altcoin market is showing signs of renewed recovery, especially after Bitcoin lost its year-to-date bullish momentum last month. With Bitcoin’s dominance declining for three consecutive months, the eagerly anticipated altcoin season seems to be about to begin. However, it is worth noting that any continued weakness in Bitcoin could affect the liquidity of altcoins, potentially dragging them down.

Santiment’s Insights on Promising Altcoins

According to market intelligence platform Santiment, most altcoins are currently in favorable buying zones after experiencing significant losses since June. Santiment has identified several altcoins that are expected to perform well in the near future, including DODO, GALA, MAGIC, MASK, and SRM.

Gala (GALA) Shows Signs of Resilience

Gala (GALA), a blockchain dedicated to gaming, has attracted a great deal of attention, especially as gamification projects gain mainstream adoption. According to market data from Coingecko, GALA is trading at around $0.0161, up 3.6% in the past 24 hours. Gala price is approaching key support levels, indicating potential for a rebound, especially given the increase in daily trading volume.

DODO is gaining momentum

Dodo, a new decentralized exchange running on Ethereum and Binance Smart Chain, has seen a sharp increase in the value of its governance token over the past few days. Recent cryptocurrency data shows that the price of DODO has surged by about 21% over the past 24 hours, reaching around $0.116 during early Asian trading on Wednesday. In addition, DODO's average daily trading volume has increased significantly by about 1,015% over the past 24 hours to about $55,162,128.

MAGIC IS COMING BACK

Magic (MAGIC), an upcoming cross-gaming ecosystem that connects games, players, metaverses, and communities within Web 3.0 platforms, has also seen positive price action. Over the past 24 hours, MAGIC’s price has increased by about 3%, stabilizing around $0.5128. Notably, the altcoin is currently retesting key support levels, which could signal a rally to this year’s highs of around $1.91 set in February.