Altcoin market shows 2016-2017 cycle patterns, signaling a potential rally ahead.
Ethereum and Solana lead altcoin momentum with strong fundamentals in DeFi and NFTs.
Meme coins Dogecoin and Pepe remain volatile but have strong community support for gains.
Altcoins are showing signs of momentum, with analysts predicting gains similar to the 2016-2017 bull run. An analytic chart which highlights old and current market cycles reveals a similar structure, suggesting that altcoins may be on the verge of a breakout. Market sentiment is slowly turning bullish especially toward major tokens including Ethereum (ETH), Solana (SOL), meme tokens-Dogecoin (DOGE) and Pepe (PEPE).
The chart highlights the total altcoin market cap (excluding Bitcoin), showing a pattern that resembles the 2016-2017 period. During that cycle, altcoins surged following a prolonged consolidation phase. This same setup appears to be forming in the current market, and many in the crypto community anticipate a strong rally if history repeats itself.
Ethereum and Solana are two popular coins in this expected altcoin season. Both of them focus on decentralized finance (DeFi) and non-fungible tokens (NFT) industries which have attracted many investors’ attention recently. Ethereum has declined by 5.2% to $3,065.65 with a market capitalization of $369 billion and a daily trading volume of $34.95 billion.
Solana stands at $209.28 after a 4.75% decline. The market capitalization of Solana is $98.77 billion with daily trading volume of nearly $7.66 billion. Such fundamentals make Ethereum and Solana attractive as the altcoin market gets more interesting.
Meme coins such as Dogecoin and Pepe have also drawn attention despite their higher volatility. Dogecoin has fallen by 7.32% to $0.3698, with a market capitalization of $54.29 billion and a trading volume of $16.11 billion. Pepe saw a 14.23% decline to $0.00002, with a market cap of $8.42 billion and $11.17 billion in trading volume. Despite recent price dips, these coins maintain strong community support, and many traders are betting on short-term gains if positive sentiment increases.
The chart’s resemblance to the 2016-2017 cycle suggests potential for a new altcoin rally. With investors eyeing opportunities beyond Bitcoin, both established assets like Ethereum and speculative tokens like Dogecoin and Pepe could benefit if the current patterns hold, signaling a bullish phase ahead.
The post Altcoin Market Signals Rally with 2016-2017 Cycle Patterns appeared first on CryptoTale.
