Altcoins set to breakout? Why this is the perfect time to buy #altsesaon
Altcoins might rally soon, as the crypto market appears to be ripe.
• The TOTAL3 (altcoin index) chart was navigating a regression channel, often a precursor to a significant rally.
• Market analysts have identified two prime scenarios for purchasing these alternative cryptocurrencies, based on this pattern.
As of press time, the crypto ecosystem’s total market capitalization stood at $2.2 trillion, marking a 1.02% increase in the last 24 hours. Despite this growth, trading volume experienced a decline, falling by 6.53% to $82.56 billion.
Using the TOTAL3 chart—a tool that represents the market capitalization of all cryptocurrencies excluding Bitcoin [BTC]—crypto analyst Miles Deutscher identified that the altcoin index was in a downtrend regression channel.
A downtrend regression channel is a technical analysis tool used to delineate a downward price trend.
It features a central regression line that indicates the average trend, flanked by parallel resistance (above) and support (below) lines, which establish the price boundaries.
Historically, such patterns often precede a breakout above the upper resistance line, potentially signaling a new price high.
However, Deutscher advised caution, stating,
“No reason to get excited until we clear the top of the channel (fresh higher high to break structure).”
Solana to establish dominance
Solana has been one of the altcoins that have shown impressive resilience in the market. Trading at $144.79 at press time, it has surged by 614.36% over the past year, even outside a traditional crypto bull market.
Despite a recent dip in buying momentum—down by 24.51% over the last month.
