A widely followed crypto analyst says altcoin markets are set to break out.
Pseudonymous crypto trader Rekt Capital tells his 396,000 followers on the social media platform X that the altcoin market cap is about to blow.
“Altcoin market cap is on the cusp of a historic breakout”
According to the trader, Ethereum’s (ETH) current run could lead to a wider altcoin rally.
“This ETH breakout may serve as fuel for the next phase of altcoin rallies”
ETH is worth $2,432 at time of writing, up 3.7% in the last 24 hours.
Looking deeper into Ethereum, the analyst says the leading smart contract platform is likely to push back up to a range high.
“ETH beginning its move, +8% up already
Looks ready to revisit the range high area once again, over time.”
Diving deeper into specific altcoins, the analyst points out that decentralized oracle provider Chainlink (LINK) is falling as ETH competitor Solana (SOL) is rising.
“Today LINK is dipping whereas SOL is rallying
Both however are showing signs of top performance in the altcoin market nonetheless
Previous outperformance precedes a wave of altcoin rallies and this time may be no different.”
SOL is worth $102 at time of writing while LINK is trading for $18.76.
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