Altcoins Like Solana And Ethereum Are About To Explode: Analyst
16 Fevereiro 2024 - 8:00PM
NEWSBTC
A technical indicator shift has sparked predictions of an imminent
altcoin surge, with one analyst on X forecasting gains as sharp as
those posted in 2017 and 2021. This Technical Indicator Just
Shifted To Green Taking to X, the analyst said this
optimism follows a change in the Gaussian Channel, a technical
indicator used to assess market momentum. On X, the trader notes
that the Gaussian Channel has, after weeks, flipped from red to
green. Reading from historical performance and indicator changes
suggests that there could be a bullish shift for leading altcoins
like Ethereum, Solana, and even Dogecoin in the days ahead.
However, from a technical standpoint, this upswing would be better
confirmed once there is a comprehensive breakout above the
immediate resistance. If this happens, the altcoin market could
have a “parabolic” rally. The broader crypto market is bullish,
sparked by the encouraging Bitcoin rally. The world’s most valuable
coin trades above $50,000, trending at December 2021 levels.
Supporters are optimistic that not only will Bitcoin register more
gains in the days ahead but will likely float to break November
2021 highs. This uptick in demand follows institutions and
investors leveraging spot Bitcoin exchange-traded funds (ETFs) to
hold Bitcoin. Related Reading: XRP Price’s 7,000% Pump:
Analyst Foresees Massive Move If This Happens Surging Bitcoin
prices have immensely benefited coins like Solana and Ethereum and
meme coins like BONK, which continue to trend. To illustrate, SOL
is now trading above $100 despite a recent network outage that
questioned the platform’s reliability. In January, SOL peaked at
over $125. On the other hand, Ethereum continues to rally but
remains below $3,000. Rising decentralized finance (DeFi) activity
and optimism of the United States Securities and Exchange
Commission (SEC) approving a spot Ethereum exchange-traded funds
(ETF) continue to fuel demand. Recently, Franklin Templeton applied
with the regulator for a spot in Ethereum ETF, joining BlackRock
and Fidelity. Altcoin Market Cap Approaches $1 Trillion It is
unclear how strongly altcoins will rally should buyers take over.
Gauging from how leading altcoins like Solana and Cardano have
performed in Q1 2024, it is likely that prices will explode to
register new 2024 highs, breaking above 2023 resistance levels.
Based on CoinMarketCap data, the altcoin market cap has nearly
doubled. It is up from around $475 billion in late 2022 to over
$910 billion when writing in mid-February. When altcoins peaked in
November 2021, their cumulative market cap exceeded $1.6 trillion.
Related Reading: The Bitcoin Rally Is Far From Over: 2 Key Factors
Behind The Momentum Feature image from DALLE, chart from
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