Bitcoin is currently edging toward $40K, leading many altcoins to yield impressive gains and even outperform the market leader.
Two of those are Ethereum and Solana, up 2.98% and 2.71%, respectively.
ETH Hits Yearly High While SOL Nears Resistance
Ethereum is priced at $2,167 and has just created a new local high as its uptrend continues. The move has generated significant excitement, causing its trading volume to spike 27% in the last day.
Crypto analyst Wolf recently said, “$ETH is consolidating above an 18-month ascending triangle weekly resistance.”
The analyst speculates that this will be followed by a decisive breakout, stating, “The clock is ticking for the bears.”
X commentator Neil is also significantly bullish, recently warning against shorting Ethereum at its current level.
The trader tweeted, “People asking me for entries to short $ETH and altcoins here,” he continued, “You’re telling me, $ETH just closed its highest 4hr candle over a 2 year long resistance, and you want to short?”
Evidently, Ethereum’s recent breakout is driving tremendous optimism among analysts.
Besides its bullish price chart, another factor potentially influencing Ethereum’s market sentiment is that ETH has turned deflationary again.
A recent tweet by blockchain analytics firm Glassnode highlighted that the growth rate of Ethereum’s validator set has slowed down, reducing the ETH emissions alongside it.
Consequently, the network’s burn mechanism is outpacing emissions, rendering ETH deflationary.
Meanwhile, the market is also optimistic about Solana as it approaches its resistance after a meteoric rise in the past months.
Crypto analytics company Cryptonary recently published a Solana trading theory, suggesting that “SOL shorts are at risk.”
The deep-dive tweet notes that open interest is up, but funding is down. Cryptonary proposes that this translates to strong shorting activity and increases the chances of a short squeeze.
A short squeeze is a forced liquidation of short (or sell) positions as the asset’s price rises, causing it to go even higher.
The tweet says that if Solana breaks $61, it could ignite a short squeeze, pushing it to potential highs of $80.
Solana’s price has risen since the analysis, currently at $63.54. This puts it in an advantageous position to pump based on Cryptonary’s accord.
Another crypto that analysts are bullish on is Bitcoin Minetrix. It is currently undergoing a presale, meaning investors can still get in at a discounted price before it launches on exchanges.
Revolutionary Bitcoin Minetrix Token Also Looks Bullish as ICO Nears $5M
Bitcoin Minetrix is a compelling new cryptocurrency that enables anyone to earn free Bitcoin by staking $BTCMTX on its Ethereum-based platform.
It works by users staking $BTCMTX for mining credits, which they can burn on the platform for cloud mining power.
The project simplifies Bitcoin mining through its decentralized and secure cloud mining solution. It is beginner-friendly and much easier and faster to get started than traditional Bitcoin mining.
As such, its presale has enjoyed significant success, raising over $4.6 million in just two months.
Top analysts are rallying behind the project’s novel use case. No Bs Crypto recently speculated that it could produce over 100x gains after it launches on exchanges.
Meanwhile, Michael Wrubel explained why he is bullish to his 310K YouTube subscribers.
One of the project’s main advantages is that the $BTCMTX token holds significant utility since users require it for staking, which will translate to high demand potential.
Furthermore, its supply-side tokenomics are also promising, with most tokens being locked for staking and rewards paid out in mining credits, not $BTCMTX.
This creates optimal supply and demand dynamics, leading to significant price appreciation potential.
Investors can buy the Bitcoin Minetrix presale for $0.012, but they must hurry because its price will rise in three days.