Crypto’s leading altcoins have fallen far from all-time highs notched last year, but their recent resilience indicates that downward pressure could be abating, according to Grayscale Head of Research Zach Pandl.

In a blog post published on Thursday, Pandl wrote that the crypto asset manager “can’t be sure that crypto markets have bottomed.” In an interview with Decrypt on Monday, however, he expressed positive sentiment toward the performance of altcoins amid geopolitical turmoil.

“Altcoins are trading remarkably well over the last month in the context of a challenging macro environment,” Pandl said, in reference to headwinds like the U.S.-Israel war with Iran and a significant drawdown in stocks. “The price…