- The Altcoin Season Index continued to indicate BTC dominance.
- ETH market indicators looked bearish, but SOL indicators turned bullish.
Bitcoin (BTC) was the center of attraction for a while, with the royal coin hitting an all-time high and dropping to nearly $55,000 shortly after.
In fact, Bitcoin dominance has also increased in the past few months. However, if we take into account the latest data, altcoins like Ethereum (ETH) And Solana (SOL) could soon have their chance to shine.
Are Altcoins Going to Surge Soon?
World Of Charts, a popular crypto analyst, recently published a tweet highlighting a pattern on the Bitcoin dominance chart.
According to the tweet, Bitcoin was testing the upper boundary of a rising wedge pattern, hinting at a decline in BTC dominance.
A drop in Bitcoin dominance directly translates to a rise in altcoin prices. However, the tweet also mentioned that the major recovery in altcoins would occur after BTC dominance slips below the pattern.
Source: The world of maps/X
However, not everything seemed to be in favor of altcoins. For example, AMBCrypto’s Altcoin Season Index analysis revealed that BTC was still dominant.
The indicator had a value of 22 at press time, suggesting that Bitcoin season was still underway. For the uninitiated, a figure above 75 indicates the start of an altcoin season.
Source: Blockchaincenter
What to Expect from Ethereum and Solana
AMBCrypto then plans to look at major altcoins like ETH and SOL to better understand what to expect from them in the near term.
Our analysis of Santiment data revealed that after remaining in the positive zone, the weighted sentiment of SOL and ETH has moved into the negative zone.
This indicates that the bearish sentiment around these two tokens increased on August 17.
Source: Santiment
Coin glass data The results revealed that Solana’s Long/Short ratio has seen a sharp decline. This suggests that there are more short positions in the market than long positions.
However, Ethereum’s Long/Short ratio has increased, which looks bullish.
Source: Coinglass
Just like the long/short ratio, ETH’s MACD also turned in favor of buyers as it posted a bullish crossover. However, the Relative Strength Index (RSI) followed a sideways trajectory below the neutral mark.
Its Chaikin Money Flow (CMF) has also followed a similar trend, indicating a few days of slowdown. At the time of writing, ETH was trade at $2,613.42 with a market capitalization of over $313 billion.
Source: TradingView
Read Ethereum (ETH) Price Prediction 2024-25
Interestingly, despite the bearish indicators, Solana price has gained bullish momentum as it has increased by over 1.5% in the last 24 hours. At press time, it was trading at $141.62 with a market cap of over $66 billion.
SOL’s CMF has gained momentum. The MACD has also shown the possibility of a bullish crossover, indicating continued price rise.
Source: TradingView
