Popular crypto analyst Kevin Svenson is expressing his optimistic sentiment about altcoins as he updates his view on a blockchain-based gaming protocol.
Svenson tells his 126,300 Twitter followers that the altcoin market was long overdue for a rally.
“We haven’t had an alt season since the end of 2021. Since then, it’s only stalled for most alts… Think about it. Don’t be surprised to see them rally hard soon.
Many of them, literally right now, are just starting to come out of the lows.
SO MANY ALTS are probably about to pump. Just throw a dart at the board and you hit something.”
An altcoin on the trader’s radar is the Ethereum (ETH)-based Gala (GALA), which he say is a project with strong fundamentals and investor demand.
“One of the main alts I’m looking at right now is GALA. There is a LOT of demand for it and it is now performing well. I am tall. I warned you a week or two ago that the new season was coming. Get ready for epic pumps!”
GALA is trading at $0.0323 at the time of writing, up 5.3% over the past 24 hours.
While Svenson is optimistic about the near-term outlook for the altcoin markets, widely followed crypto strategist Benjamin Cowen believes an altcoin season is still a long way off.
Earlier this month, Cowen said that Bitcoin (BTC) and the wider crypto markets are likely to see another sell-off.
“In a correction scenario, the assets with lower liquidity would actually be hit much harder than those with more liquidity.
When you have corrections on Bitcoin/US dollar [pair] during the pre-halving year, liquidity in the altcoin market dries up quite a bit.
And so when a correction were to happen, you would probably see altcoins falling not only on their US dollar pairs, but still on their Bitcoin pairs.
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