Bitcoin (BTC) witnessed a significant price correction shortly after reaching its all-time high. This triggered a bearish trend in the market, causing most altcoin prices to fall as well. However, a significant piece of data has reached a level indicating a possible altcoin rally.
Bitcoin Faces Critical Formation
The leading cryptocurrency Bitcoin managed to surpass the $69,000 mark, but the token’s value fell shortly thereafter. Although this steep price drop indicates a bearish trend for the entire market, one measure suggests that altcoins could soon recover. A popular crypto analyst, Moustache, announced that the Gooner EMA’s golden cross occurred on the monthly altcoin chart. Similar events in 2016 and 2020 resulted in altcoin rallies.
According to the 21milyon.com website, ETH has shown an increase of more than 3% in the last 24 hours. At the time of writing, the token is trading at $3,810.42 with a market value of over $457 million. Analysis of data from Glassnode indicates that the token’s network value to transactions (NVT) ratio has decreased in the last few days. A decline in the metric could mean that the token’s value is low and the probability of a price increase is higher.
Solana’s Analytical Reports
Solana also started to rise with a slight increase in value in the last 24 hours. At the time of writing, SOL is trading at $130.58 with a market value of over $57 billion. After a decline, SOL’s Relative Strength Index (RSI) has started to move upward. The Chaikin Money Flow (CMF) is also following a similar trend.
These two market indicators could suggest that Solana is gaining upward momentum and increasing its chances for an altcoin rally. Not only in this case, but the sentiment around the token has also increased in recent days, which is clearly visible from the rise in weighted sentiment. However, a negative metric is the social dominance showing a decline last week. Considering all these measurements and indicators, it will be interesting to watch whether ETH, SOL, and XRP can initiate an altcoin rally.
