According to a cryptocurrency analyst, the likelihood of altcoins rising depends on the bullish patterns observed on the ETH/BTC chart.
If the 'altcoin season' momentum is strong, then altcoins like Solana are expected to benefit.
The cryptocurrency market shows strong signs of growth, with increased buying interest from investors. As of the writing of this article, the overall market cap has increased by 1.49%, while the 24-hour trading volume has reached $103.12 billion, up by 2.02%.
Such gains, especially in a turbulent environment, suggest that altcoins might be on the verge of entering a breakout phase. Bitcoin [BTC] recently surged past the $73,000 mark, indicating growing market interest in altcoins, which may spread to them.
Cryptocurrency analysts provide insights on what to watch for as the market prepares for the next potential wave of growth.
ETH/BTC is seen as a key indicator for the altcoin rebound.
Popular crypto analyst Moustache believes the ETH/BTC chart is crucial for determining the market direction for the next phase of altcoins.
According to charts shared by analysts, the recent accumulation and re-accumulation patterns of ETH/BTC reflect the market cycles of 2015-2018, during which Ethereum saw a significant rise and catalyzed the price increase of altcoins.
He expressed an optimistic outlook in the post, predicting that if this pattern continues, the price of altcoins will reach unprecedented highs, saying:
"You can't imagine what Alts would do if we move forward from here."
Typically, accumulation and re-accumulation patterns indicate bullish momentum as buyers steadily enter the market, growing increasingly confident in future rises.
In this case, the emergence of a 'descending wedge'—a technical indicator typically associated with bullish breakouts—enhances the possibility of a sustained upward trend.
According to AMBCrypto, if altcoin prices rise, tokens like SOL are expected to benefit.
Solana is set to lead the upcoming rebound.
Despite ongoing market volatility, Solana [SOL] remains bullish, trading at $178.14 at the time of writing.
Similar to the ETH/BTC chart, SOL is in an accumulation phase, a pattern that previously propelled it to historical highs. As of the time of writing, SOL has broken through its current accumulation pattern and is gradually forming momentum.
If this trend continues, the asset could rise by 179.05%, similar to previous upward cycles, bringing its valuation to around $361.88.
