- Top altcoins like Ethereum, Solana, and BNB registered major gains over the last 24 hours
However, metrics and technical indicators weren’t all bullish
As an experienced crypto analyst, I have closely monitored the market’s trends and developments over the past few years. The recent surge in top altcoins like Ethereum, Solana, and Binance Coin (BNB) is indeed noteworthy, with their prices registering impressive gains over the last 24 hours. However, upon closer examination of the metrics and technical indicators, I have mixed feelings about this bullish trend.
Over the past 24 hours, Bitcoin has made significant strides, surpassing $63,000 on the price charts. Consequently, the majority of altcoins have mirrored this trend, displaying gains and turning green. Yet, Bitcoin’s dominance took a hit due to these strong performances from altcoins. This decline in Bitcoin’s dominance has raised speculation that an altcoin rally could be imminent.
Altcoin season is here
Captain Faibik, a well-known cryptocurrency analyst, recently drew attention to an intriguing occurrence through a tweet. According to this observation, Bitcoin’s market dominance has entered a rising wedge formation. The implication of this trend is that a potential decline in Bitcoin’s dominance could be on the horizon. Such an event would boost the market capitalization of altcoins.
Mags, a well-known cryptocurrency analyst, recently posted on Twitter about a significant historical occurrence in the altcoin market. According to his tweet, the altcoin market experienced an accumulation phase during the first half of 2020. This accumulation period came to an end in the second part of the year, triggering a powerful bull run.
An analyst’s observation suggests a pattern akin to what we’ve witnessed previously, potentially signaling the approach of an altcoin market surge. Should this trend continue, the value of altcoins collectively is likely to experience significant growth.
A look at the top altcoins
To determine if a rally is imminent for altcoins, examining the current performance of the leading alternatives would be an effective approach. As reported by CoinMarketCap, Ethereum (ETH), the foremost altcoin, has boosted its price by approximately 4.5% within the last 24 hours. At present, Ethereum is being traded at $3,111.72 and boasts a market capitalization surpassing $373 billion.
Similar to Ethereum (ETH), Binance Coin (BNB) and Solana (SOL) experienced a bullish trend with respective price increases of 3.6% and 5%. At the current moment, BNB was being traded at $586, and Solana’s value stood at $145.2.
It was unexpected that even with recent price increases, investor trust in the leading altcoins – Ethereum, Solana, and Binance Coin – stayed low based on the findings from AMBCrypto’s examination of Santiment’s data. The weighted feelings for each of these cryptocurrencies remained negative according to Santiment’s analysis.
Although Ethereum’s price increased slightly, there was a minor uptick in its open interest as well. An increase in open interest often indicates that the current pricing trend may persist further.
The open interest in SOL followed Ethereum’s lead and increased as well. However, the opposite occurred with BNB; although its price went up on the charts, its open interest decreased.
An examination of Ethereum’s daily chart by AMBCrypto revealed that the cryptocurrency’s momentum for a bull run could be waning. The Money Flow Index (MFI), which measures money flow in and out of an asset, remained unchanged following an upward trend. Conversely, the Chaikin Money Flow (CMF), another indicator reflecting buying and selling pressure, displayed a downward trend.
These suggested that investors might not see ETH’s price rise explosively in the short term.
Read Ethereum’s [ETH] Price Prediction 2024-25
In a similar vein, Solana’s technical signals were pointing downward as well. Its Money Flow Index (MFI) and Chaikin Money Flow (CMF) indicators decreased, suggesting that the token’s price surge could be coming to an end.
Based on the given data, it’s intriguing to find out when the next surge in altcoins might occur.
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2024-05-05 00:07