As Bitcoin and the entire cryptocurrency landscape approach a critical juncture, the anticipated next leg of the bull market seems within reach. Should bearish scenarios be sidestepped, altcoins, led by Solana, might initiate a significant upward trend. Solana’s advantage is further enhanced by robust transaction activity on its blockchain and the impending complete deployment of the innovative Firedancer validator client, which positions SOL as a frontrunner in reversing current market corrections.
The decisions around altcoin momentum hinge, in part, on examining the Bitcoin Dominance chart (BTC.D). This chart currently consolidates below an ascending wedge. A downward continuation here, reaching a lower low, could disrupt the prevailing uptrend and pave the way for altcoin gain, with $SOL at the forefront.
SOL’s recent performance illustrates a promising trajectory. Recent trends showed lower highs and lows, with a major $202 support breached before recovery at $174. Breaking above the descending trendline to reclaim $202 as support is crucial for reversing the downtrend.
Weekly trends provide an even clearer picture of SOL’s potential dominance. Full momentum, likely culminating this weekend, could kick off a robust price rally.
SOL has also rebounded from key support points, enhancing its BTC pair (SOL/BTC) position. Breaking through the current bull flag’s top might trigger a significant price surge as the bull market progresses.
Keep a watchful eye on this development. Yet, remember this analysis serves informational purposes only and should not substitute for professional legal, tax, investment, or financial advice.