- According to a crypto analyst, the potential for an altcoin rally hinges on the bullish pattern observed on ETH/BTC chart.
- Altcoins like Solana are well-placed to benefit if an “altseason” gains momentum.
As a seasoned analyst with over two decades of experience in financial markets under my belt, I have witnessed numerous bull and bear cycles, and I can confidently say that the current state of the cryptocurrency market is reminiscent of the late 90s dot-com boom—albeit much more volatile.
presently, the cryptocurrency sector is exhibiting robust signs of expansion, as investors express growing enthusiasm for purchasing. Currently, the total market capitalization is up by 1.49%, while the 24-hour trading volume has surged to $103.12 billion, representing a 2.02% boost.
In turbulent markets, these substantial increases suggest that altcoins might be on the verge of a surge in popularity. The fact that Bitcoin has reached the $73,000 level hints at increasing investor attention and a possible expansion of interest towards altcoins.
A cryptocurrency expert shares their perspective on key factors to keep an eye on, as the market gears up for a possible new phase of expansion.
ETH/BTC pair seen as key indicator for altcoin rally
According to well-known cryptocurrency analyst Moustache, the trend of Ethereum (ETH) versus Bitcoin (BTC) on the charts could play a significant role in predicting the future movement of other digital assets or altcoins.
Based on the chart provided by our analyst, the current trend of repeated accumulation and re-accumulation in ETH/BTC appears to follow a similar pattern as the 2015-2018 market cycle. This cycle was marked by substantial growth for Ethereum and sparked a surge in prices for alternative cryptocurrencies, or altcoins.
In his article, he conveyed a sense of hopefulness, suggesting that altcoins could reach remarkable peaks if this trend continues, as he put it.
“You can’t imagine what the Alts will do if we just move up from here.”
Normally, repeated increases in the number of buyers suggest a bullish trend, since these investors are increasingly confident that prices will rise over time.
As an analyst, I find myself observing a “falling wedge” pattern in our current market scenario, which is typically linked to bullish price movements. This suggests a higher probability that the upward trend will continue, giving me confidence that we’re on track for a prolonged period of growth.
As per AMBCrypto’s analysis, tokens such as SOL could potentially thrive if a rally for alternative coins (altcoins) occurs.
Solana set to lead upcoming rally
Despite the ups and downs in the current market conditions, Solana (SOL) continues to show a positive trend, currently trading at $178.14 per token.
Just as the Ethereum/Bitcoin graph shows, Solana (SOL) is currently experiencing an amassing or collection stage, a trend that historically propelled it to reach its peak all-time high. At this moment, SOL has surpassed the current accumulation pattern, subtly increasing in strength.
As I observe the current trajectory, there’s a strong possibility that the value of this asset could surge by around 179.05% if it follows a pattern similar to its past growth spurt. This would approximate its value at roughly $361.88.
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2024-10-31 05:11