Will Bitcoin’s Declining Dominance Push Solana (SOL), Shiba Inu (SHIB) And Injective (INJ) Prices?
This week began with a downturn in the market, but it has since shown significant recovery, with Bitcoin approaching the $44,000 mark. As a result, major altcoins are seeing a surge in investment, aiding them in surpassing key resistance levels. As the year draws to a close, the upcoming week could bring increased volatility, potentially leading to new peak prices or lows for Solana, Shiba Inu, and Injective.
Bitcoin’s Low Dominance Triggers Altcoins
Currently, Bitcoin is facing a resistance level at $45,000, and its market dominance has seen a slight decline, moving from a peak of 55.12% to 52.74%. At the same time, the market dominance of altcoins has been increasing as the metric has surged from 11.08% to 13.11%.
Technical analysts often see a decrease in Bitcoin’s market dominance, combined with Bitcoin’s price showing range-bound movement or consolidation, as a potential indicator of an immediate breakout in altcoin prices. With the BTC’s dominance currently declining and altcoins dominance surging, we might see a potential bullish week for altcoins next week.
Solana Price Analysis
Solana experienced a notable rebound from its 20-day Exponential Moving Average (EMA) and broke the ascending channel pattern, which reflects strong buying interest from bullish traders.
The SOL price touched a high of $99.5 and might encounter selling pressure around the $100 mark. However, if the bulls manage to maintain their position above $104 without significant losses, the likelihood of the uptrend continuing remains high. A push above the $100 level by buyers could set Solana on a path towards $118 next week.
#BinanceTournament #Priceanalysis #Osmy_CryptoZ #BinanceWish