Altcoins Like Solana And Ethereum Are About To Explode: Analyst

Dalmas Ngetich

1 year ago

2 mins read

Best Crypto Gaming Altcoins For This Bull Run

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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.

Altcoins about to explode | Source: Analyst on X

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.

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.

Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView

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.

Altcoins market cap | Source: CoinMarketCap

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.

Feature image from DALLE, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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