Popular cryptocurrency analyst Sheldon Sniper believes that yesterday's Federal Open Market Committee (FOMC) meeting set the stage for an altcoin rally. In a YouTube video earlier today, the analyst told his followers that Ether, Dogecoin, and Solana are among the top altcoins poised for an upward move in the near future.
DOGE and SOL altcoins are gaining value!
Bitcoin gained just over 1 percent after yesterday's interest rate increase. However, leading altcoins such as Ether and Solana managed to post better gains than BTC. Data from CoinMarketCap showed that ETH gained over 1.5 percent in value. However, SOL and DOGE, another leading meme token, gained 3.1 percent and 2.5 percent, respectively.
The most recent FOMC meeting was held between July 25 and July 26, after which the Federal Reserve announced a 25 basis point interest rate increase. The crypto community was closely following the announcements, given their historical significance in the context of BTC's price. It is known that the reaction of major cryptocurrencies to the FOMC determines the price movements of altcoins.
According to Sheldon Sniper, Bitcoin's dominance took a hit following the FOMC meeting, paving the way for top crypto assets to rise. According to the crypto trader's technical analysis, SOL has recently bounced from a key support zone and could trigger a strong rally. The trader said, âSolana is one of the strongest altcoins right now.â said.
As for DOGE, the crypto trader stated that he expects it to rise as high as $0.11. According to him, the meme token has recently broken major trend lines and will witness a sharp price increase while expecting a slight retracement. The trader added that a rally could also be triggered by a tweet from a high-profile influencer.
Sheldon's analysis of ETH/BTC's 8-hour chart suggested that the leading altcoin could see a significant price increase if it manages to break through the resistance zone at $0.064. At the time of writing, ETH was trading at $1,875.