Majority of Altcoins Continue to Underwhelm
While most alternative cryptocurrencies (altcoins) have been underperforming lately, a few standout large-cap projects are bucking the trend and showing significant strength, according to crypto analytics platform Santiment. Solana (SOL) and Injective Protocol (INJ) are two that have gained notable market cap share recently.
In a recent tweet, Santiment noted that most altcoins continue to underperform, while a handful of projects are providing enough momentum to motivate traders to swap assets. They cited Solana, Bitcoin SV, and Injective Protocol as exceptions that have seen solid gains in market capitalization, while Bitcoin continues to take up a rising ratio of the total market cap.
SOL and INJ Showing Notable Strength
Crypto trader WIZZ also commented on the current market conditions, tweeting that “SOL and INJ the only 2 largecaps that are showing strength right now.”
Solana has gained around 5% recently while Injective Protocol has seen more significant gains of 6%. With most large-cap altcoins failing to impress traders, SOL and INJ are providing rare exceptions and momentum plays in the current market environment.
According to crypto analysts, alternative cryptocurrencies remain generally weak, but select projects like Solana and Injective Protocol have been bucking the trend. Among large-cap altcoins, SOL and INJ have stood out as two of the only names showing demonstrable price strength.