A carefully adopted analyst who nailed the pre-halving Bitcoin correction final 12 months thinks altcoins are near igniting large rallies and outperforming BTC.
Pseudonymous analyst Rekt Capital tells his 531,500 followers on the social media platform X that the altcoin market is at a stage the place it’s being ignored by most merchants.
However the dealer notes that the prevailing bearish sentiment is setting the stage for altcoins to ignite upside bursts, leaving many merchants on the sidelines.
“February has been a robust month for altcoins in each 2023 and 2024.
May altcoins take pleasure in a robust February for the third 12 months in a row?
If that’s the case, then altcoins needs to be near their ‘Lowest Hype’ areas earlier than previous upside over the approaching weeks.”
Based mostly on the dealer’s chart, he appears to counsel that altcoins are presenting prime entry alternatives for traders earlier than alts high out in April.
Solana, the dealer believes that SOL is within the means of flipping a robust resistance degree into help after closing the earlier buying and selling week at round $252.
“Solana has managed to not solely reclaim its re-accumulation vary but additionally escape from it.
On the cusp of totally confirming a breakout from its re-accumulation vary.
Simply wants a weekly shut above $250 adopted by a attainable post-breakout retest.”
At time of writing, SOL is buying and selling for $260, above the dealer’s weekly resistance degree.
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