- Lookonchain forecasts a bullish trend for 20 altcoins including Solana and Cardano in light of the upcoming Upbit D Conference.
- Executives from Solana and Cardano foundations are scheduled to engage with blockchain aficionados at the event.
A Rally on the Horizon?
As the Upbit D Conference (UDC) draws near, beginning November 13, 2023, the blockchain community is abuzz with the potential for significant price movements. Notably, Solana (SOL) and Cardano (ADA) have emerged as frontrunners in the altcoin pack, showing substantial market strength since mid-October.
The Upbit Effect
A key driver behind the altcoin surge can be traced back to Upbit, a major Korean exchange with significant market influence. Historical trends suggest that the exchange’s activities often precede substantial altcoin price shifts.
Anticipated Market Movement
In a recent revelation by the web3 analytics platform Lookonchain, SOL and ADA are listed among 20 digital assets likely to experience a positive price trend in the run-up to the UDC. This assertion is supported by the forthcoming participation of blockchain heavyweights such as Matt Sorg from Solana Foundation and Jide Fashola from the Cardano Foundation, as well as Wally Yu from Chainlink Labs, which has led to market speculation about potential bullish announcements.
The physical element of the UDC in Seoul lends an additional layer of engagement and networking, creating an environment ripe for collaboration and announcements that historically have correlated with market activity for related cryptocurrencies.
Caution Amid Optimism
Traders are advised to approach the market with caution, despite the optimism surrounding the conference. With the Upbit exchange predominantly serving a Korean user base, the market is susceptible to pump-and-dump schemes, as detailed by CryptoQuant CEO Ki Young Ju. The region’s stringent capital controls restrict arbitrage opportunities between global exchanges, which can result in volatile trading patterns.
As the altcoins gather momentum towards the UDC, the crypto adage
“buy the rumor, sell the news”
looms over the market, suggesting that the anticipation of the conference may be driving current investment more than the actual outcomes of the event itself will. Investors and traders should remain vigilant to avoid the pitfalls of market manipulation tactics that may accompany such events.