he market is in quite a strong alt season, with many altcoins putting up an impressive performance. Stellar (XLM), Algorand (ALGO), Avalanche (AVAX), Cardano (ADA), and Filecoin (FIL), are in the frontline to gain from Bitcoin's recent consolidation around the $99,000 mark. This phase of consolidation has only encouraged traders so far to shift their attention to altcoins, which have achieved serious gains.
Stellar (XLM) and Algorand (ALGO) Lead the Charge
XLM has been resilient in the fresh analysis, breaking free from a quite long bearish phase. It surged more than 400% in November due to an influence it received from an exponential increase in trading volume, jumping from about $300 million to nearly $5.85 billion. According to analysts, this pace could continue to take XLM to fresh highs above $1 soon.
ALGO stands right in front of a breakout testing resistances that haven't been touched since 2022. After such a big climb, the setting of the price is perfect for a possible rally toward $1, if it manages to close above key resistances. The Ichimoku cloud metric favors the bulls more since the breakout changed the structure of the cloud, meaning that the bears' momentum may turn into bulls.
Avalanche (AVAX) and Cardano (ADA) Surge
AVAX has been busy, having only recently had its "Golden Cross," which is an indication that its price is set to blast off. After having broken the $35 barrier just a short while ago, AVAX now aims for the $50 range. Certainly enough, this virtual asset has become highly volatile, and traders are keenly eyeing it as its price edges closer to previous resistance levels.
Meanwhile, Cardano's ADA surged strongly and tripled its market capitalization in 17 days. It has catapulted ADA above the $1 mark, which it has not been able to achieve since April 2022. According to data provided by Santiment, trader profits from ADA have risen to an eight-month high, a signal of increased interest in and trading of the token. Besides, large investors have also massively raised their staking, as holders in the $1 million to $10 million category doubled their stashes.
Filecoin (FIL) Set for a Breakout
Filecoin is not left behind as it heads into a key breakout point. A daily close is likely to see it surge high as 47% to approximately $7.20 with FIL in the radars of traders. Increased market involvement and sentiment have come with the surge in open interest in the session.
As the alt season unwinds, the sentiment of the market stays reflected by investors' and traders' active participation in this uptrend. The interaction of the strong technical indicators with on-chain metrics signals the continuation of the rally and shall bring generous returns among these key cryptocurrencies.
