Lookonchain has indicated 20 altcoins that are likely to rise with the UDC, among them, Solana and Cardano.
Upbit D Conference will see Solana and Cardano Foundation executives, among others, speak with multiple blockchain enthusiasts.
A lot of the recent rise in altcoins has been related to the Korean exchange, Upbit.
Solana (SOL) and Cardano (ADA) are among the hottest altcoins in November after an epic surge beginning October 18. The two altcoins took to the market turnaround, rallying behind Bitcoin (BTC) with traders speculating what could be the beginning of a bull market.
Solana, Cardano to rally ahead of UDC, Lookonchain says
Solana (SOL) and Cardano (ADA) are among the 20 altcoins expected to rally before or during the Upbit D Conference (UDC), an event scheduled to begin on November 13, 2023. Others include Chainlink (LINK), The Graph (GRT), Arbitrum (ARB), and Axie Infinity (AXS), among others, according to the web3 data analysis tool, Lookonchain.
The anticipated surge comes, as several cryptocurrency ecosystem executives will be making an appearance, with speculation of news or reports that are likely to inspire bullish momentum. Among the confirmed to speak include Solana Foundation Head of Technology, Matt Sorg, and Cardano Foundation Head of Technical Integrations Jide Fashola, and Chainlink Labs Solutions Architect Wally Yu, according to an official announcement from UDC organizers.
Notably, the UDC 2023 will be a hybrid conference, with its physical (as opposed to virtual) aspect in Seoul offering a more engaging and networking-focused program, which to some extent, is akin to the Solana Breakpoint conference. As indicated in a previous report, altcoins have proven to be highly reactive to conferences and events. This adds credence to the rally expectations.
As the 20 altcoins grind toward the UDC, traders should exercise caution particularly because the main customers on Upbit exchange are Koreans, typical for pump-and-dump schemes.
CryptoQuant CEO Ki Young Ju attempted to explain why Korean opt pump-and-dump schemes, saying it is due to the region's "Very strict capital controls, blocking arbitrage opportunities between global exchanges.”
While the “buy the rumor, sell the news” narrative may play out, unsuspecting traders may be caught off guard as market manipulators fill their trade.
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