- Top altcoins such as Ethereum, Solana, and BNB have recorded significant gains in the past 24 hours
- However, not all indicators and technical indicators were bullish
The past 24 hours for Bitcoin have been productive, with the cryptocurrency rising above $63,000 on the charts. As expected, most of the altcoins on the market followed suit and the chart also looked green. However, the latter's performance spurred a decline in stock prices. Bitcoin's [BTC] Superiority. In fact, it has reached such a critical level that a new altcoin season could be right around the corner.
Altcoin season has arrived
Popular crypto analyst Captain Fybic recently shared the following: Tweet It highlights some interesting developments. Similarly, Bitcoin's dominance is currently hovering within an ascending wedge pattern.What do you meanThat means BTC’s dominance is very likely to decline in the coming days. This could be a positive sign for altcoins as their market capitalization is likely to skyrocket.
Mr. Magus, another famous crypto analyst, Tweet It refers to historical events. The tweet stated that the altcoin market in 2020 was in an accumulation phase. That ended in the second half of this year, and a massive bull market began.
Analysts believe that a similar trend could be seen this time as well, further increasing the chances of altcoin season starting soon. If a rally occurs, the market capitalization of altcoins is expected to rise dramatically.
Take a look at the top altcoins
According to What better way to see if an altcoin is preparing to move up than by checking the performance of the top altcoins? coin market cap, Ethereum [ETH]The king of altcoins has increased in price by more than 4.5% in the past 24 hours. At the time of writing, it is trading at $3,111.72, giving it a market capitalization of over $373 billion.
Similar to ETH, BNB and Solana [SOL] The stocks also turned bullish, rising 3.6% and 5%, respectively. At the time of writing, BNB was trading at $586, while SOL's value remained at $145.2.
However, it was surprising to note that despite recent price increases, investor confidence in these top altcoins remains low. AMBCrypto’s analysis of Santiment data reveals that the weighted sentiment for ETH, SOL, and BNB all remain in the negative zone.
Source: Santiment
However, the good news is that Ethereum's open interest has increased slightly along with the price. An increase in this indicator usually indicates that the current price trend is likely to continue.
SOL’s open interest led ETH and also recorded an increase. Conversely, BNB fell as well despite recording a price increase on the chart.
Source: Santiment
AMBCrypto then analyzed the daily chart of ETH to see if the bull run can be sustained. We found that the Money Flow Index (MFI) leveled off after rising, and the Chaikin Money Flow (CMF) moved south.
These suggest that investors may not expect the price of ETH to explode in the short term.
Source: TradingView
read ethereum [ETH] price prediction 2024-25
Similarly, Solana's technical indicators were looking quite bearish. Both MFI and CMF have fallen, indicating that the token's rise may not continue.
Source: TradingView
Given these datasets, it will be interesting to see how quickly the new altcoin season arrives.
