A closely followed analyst who nailed the pre-halving Bitcoin correction last year thinks altcoins are close to igniting big rallies and outperforming BTC.
Pseudonymous analyst Rekt Capital tells his 531,500 followers on the social media platform X that the altcoin market is at a stage where it is being overlooked by most traders.
But the trader notes that the prevailing bearish sentiment is setting the stage for altcoins to ignite upside bursts, leaving many traders on the sidelines.
“February has been a strong month for altcoins in both 2023 and 2024.
Could altcoins enjoy a strong February for the third year in a row?
If so, then altcoins should be close to their ‘Lowest Hype’ areas before preceding upside over the coming weeks.”
Based on the trader’s chart, he seems to suggest that altcoins are presenting prime entry opportunities for investors before alts top out in April.
Looking at Solana, the trader believes that SOL is in the process of flipping a strong resistance level into support after closing the previous trading week at around $252.
“Solana has managed to not only reclaim its re-accumulation range but also break out from it.
On the cusp of fully confirming a breakout from its re-accumulation range.
Just needs a weekly close above $250 followed by a possible post-breakout retest.”
At time of writing, SOL is trading for $260, above the trader’s weekly resistance level.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
