According to analytics firm Santiment, Chainlink and three other altcoins may experience further price surges due to bullish on-chain data readings. Santiment notes that Chainlink's decentralized oracle network has seen a rally due to increased unique address activity, with the highest level in two months recorded at 3,964 addresses. The firm also suggests that if market participants remain indifferent to Chainlink's performance, it may witness more rallies. Additionally, Santiment is keeping a close eye on Loom Network, Frontier, and ImmutableX, which have all outperformed the broader crypto markets due to increased adoption.

On September 23, the cryptocurrency market remained in negative territory as investors stayed on the sidelines. The market's recent performance indicated a change in trader sentiment, with a downturn in momentum. Bitcoin's price was $26,543.14, down 0.35% over the past 24 hours, and its volume slumped 25.71% to $10.2 billion. Altcoins mirrored BTC's downward trajectory with slight daily losses, and the global crypto market cap decreased by 0.33% over the last 24 hours to $1.05 trillion.

According to crypto analyst Benjamin Cowen, altcoins are likely to continue losing value against Bitcoin. Cowen explains that this is a regular occurrence ahead of the Bitcoin halving, which is set to occur in April 2024. He notes that altcoins tend to break off their Bitcoin support levels during pre-halving years, leaving them with nowhere to hide and causing them to depreciate against Bitcoin. Cowen illustrates this trend with the example of Cardano versus Bitcoin, which has experienced significant drops over the past year.

Crypto analyst Michaël van de Poppe believes that altcoins are poised to trend higher after a prolonged period of low prices. According to Van De Poppe, the increasing number of applications for crypto exchange-traded funds (ETFs) suggests that digital assets are gaining strength.

The crypto market is displaying bullish signs with Bitcoin and major altcoins experiencing price recoveries. While the Fear And Greed Index remains in the fear zone, it has increased by two points since yesterday. Bitcoin's price is still below $30,000 but has risen by almost 2% in the last day. Ethereum, XRP, and Solana have all seen gains, while Polygon is down by 1.84%.