- According to a crypto analyst, the potential for an altcoin rally depends on the uptrend observed on the ETH/BTC chart.
- Altcoins like Solana are well-positioned to benefit if an altseason gains momentum.
The cryptocurrency market is showing strong growth indicators with investors showing increased buying interest. At the time of writing, the overall market capitalization increased by 1.49%, while the 24-hour trading volume reached $103.12 billion, an increase of 2.02%.
Such gains, especially in volatile conditions, show that altcoins could be approaching a breakout phase. Bitcoin’s (BTC) recent move to the $73,000 mark indicates growing market interest and potential spillover into altcoins.
The crypto analyst provides insight into what to watch for as the market prepares for the next potential wave of growth.
ETH/BTC Pair Seen as Key Indicator of Altcoin Rally
Popular crypto analyst Mustache suggests that the ETH/BTC chart will be key in determining the next phase of market direction for altcoins.
According to the chart analyst, ETH/BTC’s recent accumulation and reaccumulation pattern reflects the 2015-2018 market cycle, which saw significant gains for Ethereum and catalyzed a rise in prices for the altcoin.
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In his post, he expressed optimism, predicting all-time highs for altcoins if this trend continues, saying:
“You can’t imagine what the Alts will do if we leave here.”
Typically, accumulation and reaccumulation patterns signal bullish momentum, as buyers gradually enter the market with increasing confidence in a future rally.
In this scenario, the presence of a “descending wedge” – a technical indicator often associated with bullish breakouts – strengthens the likelihood of a lasting uptrend.
According to AMBCrypto, tokens like SOL are among those that will benefit from an altcoin rally.
Solana set to lead next rally
Solana (SOL) has maintained a bullish stance despite the current market fluctuations, with a press time trading price of $178.14.
Is your wallet green? Check out the SOL Profit Calculator
Much like the ETH/BTC chart, SOL is in an accumulation phase, a trend that has already fueled its surge to an all-time high. As of press time, SOL has surpassed the current accumulation model, gradually gaining momentum.
Source: Commercial View
If this trend continues, the asset could potentially gain 179.05%, similar to its previous rally cycle, which would put its valuation at around $361.88.
