The digital asset market is demonstrating promising signs of expansion, as investors exhibit increased interest in purchasing cryptocurrencies. Currently, the total market capitalization has risen by 1.49%, with a 2.02% boost in the 24-hour trading volume, reaching $103.12 billion.
These advancements, especially during volatile periods, indicate that alternative cryptocurrencies (altcoins) might be getting ready for a breakout phase. The recent rise of Bitcoin [BTC] to $73,000 suggests a rise in market enthusiasm that could spill over into altcoins.
An expert in cryptocurrencies shares valuable insights on what to monitor as the market readies itself for a potential growth wave.
ETH/BTC Analysis as a Crucial Indicator for Altcoin Surge
Renowned crypto analyst Moustache believes that studying the ETH/BTC chart is vital in predicting the upcoming market direction for altcoins.
As per the analyst’s analysis, the recent accumulation and re-accumulation pattern in ETH/BTC resembles the market cycle observed between 2015 and 2018. During that period, Ethereum showed substantial growth and triggered a surge in altcoin values.
In his analysis, he expresses optimism and forecasts remarkable highs for altcoins if the current trend persists, stating:
“The potential growth for altcoins is immense if we continue to move upwards from this point.”
Accumulation and re-accumulation patterns typically indicate a bullish trend, depicting a scenario where buyers gradually enter the market, expecting a future rally.
The presence of a “falling wedge”—a technical signal linked to bullish breakouts—adds further support to the likelihood of a sustained uptrend.
According to CryptoCrypto, tokens such as SOL are well-positioned to benefit if an altcoin rally materializes.
Solana Poised to Lead the Anticipated Upturn
Despite ongoing market fluctuations, Solana [SOL] continues to maintain a bullish position, with a current trading price of $178.14.
Similar to the ETH/BTC trend, SOL is undergoing an accumulation phase, a pattern that previously fueled its rise to an all-time high. Currently, SOL has broken above the existing accumulation pattern, gradually gaining momentum.
If this trajectory persists, the asset could potentially surge by 179.05%, akin to its prior rally cycle, positioning its valuation around $361.88.