According to a cryptocurrency analyst, the likelihood of altcoin gains depends on the bullish patterns observed on the ETH/BTC chart.
If the 'altcoin season' momentum is strong, then altcoins like Solana are likely to benefit.
The cryptocurrency market shows strong signs of growth, with increased buying interest from investors. As of the time of writing, the overall market cap has grown by 1.49%, while the 24-hour trading volume has reached $103.12 billion, an increase of 2.02%.
Such gains, especially in a turbulent environment, suggest that altcoins may soon enter a breakout phase. Bitcoin [BTC] recently surged past the $73,000 mark, indicating growing market interest in altcoins, which may spill over into them.
Cryptocurrency analysts provide insights on what to watch for as the market prepares for the next potential wave of growth.
ETH/BTC is a key indicator for what is seen as an altcoin rebound.
Popular crypto analyst Moustache believes the ETH/BTC chart is crucial for determining the market direction of the next phase for altcoins.
According to the charts shared by analysts, the recent accumulation and re-accumulation patterns of ETH/BTC reflect the market cycle from 2015-2018, during which Ethereum experienced significant gains and catalyzed the rise in altcoin prices.
He expressed optimism in the post and predicted that if this pattern continues, altcoin prices will reach unprecedented heights, stating:
"You can't imagine what Alts would do if we continue from here."
Typically, accumulation and re-accumulation patterns indicate bullish momentum, as buyers steadily enter the market, increasing their confidence in future price increases.
In this scenario, the emergence of a 'descending wedge'—a technical indicator typically associated with bullish breakouts—enhances the likelihood of a sustained upward trend.
According to AMBCrypto, if altcoin prices rise, tokens like SOL are expected to benefit.
Solana will lead the upcoming rebound.
Despite ongoing market volatility, Solana [SOL] maintains a bullish stance, 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 its all-time high. At the time of writing, SOL has broken through the current accumulation pattern and is gradually gaining momentum.
If this trend continues, the asset could rise by 179.05%, similar to previous upward cycles, which would bring its valuation to around $361.88.