Bitcoin went on the offensive yesterday, hitting $42,000, a near 10-day high, after dropping to $40,000 the day before. Today’s altcoins have also turned green, with Ethereum aiming for $3,000 and Avalanche surging by more than 9%.
While updating his forecast on top cryptos Bitcoin (BTC) and Ethereum (ETH), a leading crypto expert claims that altcoins such as Solana (SOL) are on the rise (ETH).
Based on a graphic demonstrating BTC’s inverted market domination, leading analyst Justin Bennett tells followers that altcoins are heating up in a recent tweet.
A rise in BTC’s inverted market dominance is actually a gain in altcoin market dominance, as the accompanying chart shows. Bennett believes that such a rise is on the horizon.
Bennett looks at the total crypto market capitalization (TOTAL) and looks for signals of a breakout.
He says the whole crypto market cap chart appears to be on the verge of breaking out this week. He’d like to see the market break higher for a retest of the $2T region at the very least. However, there has yet to be a definite breakout.
A rotation downward, on the other hand, is anticipated to find support around $1.65T.
Any swings we see in cryptos will have more confidence if we witness a breakout from the chart below, he added.
Solana(SOL)
Bennett claims that smart contract altcoin Solana is preparing for a BTC-dependent breakout in the latest edition of his Cryptocademy newsletter.
He says SOL is starting to break out.To validate that, the market needs to close the day above the $85 level. Until then, this is purely hypothetical.
If SOL is able to break away from this trend line, a rise to $118 is possible. Any higher than that, further $150 level will be at play, he added.
Ethereum (ETH)
Bennett shifts his focus to Ethereum, the dominant smart contract platform, which has been on the decline since November 2021.
He notes that on the back of a 6% rise, ETH is probing the November trend line today. At the time of writing, that level is just below $2,800.
The breakout should be confirmed by a daily closing above that range, exposing $3,000. The next test for buyers will be this.
Above $3,000, Ethereum will accelerate to $3,600.A closing below resistance, on the other hand, would maintain the triangle intact, with support just over $2,500, he added.
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