Altcoins To Breakout Soon! Ethereum (ETH) & Solana (SOL) Heading Towards This Level !
Bitcoin went on the offensive yesterday, hitting $42,000, a near 10-day high, after dropping to $40,000 the day before. Today’s altcoins have also turned green, with Ethereum aiming for $3,000 and Avalanche surging by more than 9%.
While updating his forecast on top cryptos Bitcoin (BTC) and Ethereum (ETH), a leading crypto expert claims that altcoins such as Solana (SOL) are on the rise (ETH).
Based on a graphic demonstrating BTC’s inverted market domination, leading analyst Justin Bennett tells followers that altcoins are heating up in a recent tweet.
#AltSeason2022 is heating up.
— Justin Bennett
(@JustinBennettFX) March 17, 2022
A rise in BTC’s inverted market dominance is actually a gain in altcoin market dominance, as the accompanying chart shows. Bennett believes that such a rise is on the horizon.
Bennett looks at the total crypto market capitalization (TOTAL) and looks for signals of a breakout.
He says the whole crypto market cap chart appears to be on the verge of breaking out this week. He’d like to see the market break higher for a retest of the $2T region at the very least. However, there has yet to be a definite breakout.
A rotation downward, on the other hand, is anticipated to find support around $1.65T.
Any swings we see in cryptos will have more confidence if we witness a breakout from the chart below, he added.
Bennett claims that smart contract altcoin Solana is preparing for a BTC-dependent breakout in the latest edition of his Cryptocademy newsletter.
He says SOL is starting to break out.To validate that, the market needs to close the day above the $85 level. Until then, this is purely hypothetical.
If SOL is able to break away from this trend line, a rise to $118 is possible.
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