Key Points
- Bitcoin’s dominance may be challenged by altcoins like Ethereum and Solana.
- Ethereum shows bearish indicators while Solana turns bullish.
The dominance of Bitcoin (BTC) in the cryptocurrency market might be witnessing a potential challenge from altcoins like Ethereum (ETH) and Solana (SOL).
Bitcoin has been the focus of the market for a while, experiencing a sharp rise and fall in its value.
Altcoins Gearing Up?
According to a tweet by crypto analyst World Of Charts, Bitcoin’s dominance might be on the decline, which could lead to a rise in altcoin prices.
This shift, however, is expected to occur only after BTC’s dominance falls below a certain pattern.
Despite this prediction, the altcoin season index still shows Bitcoin’s dominance, with a current value of 22. An index value above 75 indicates the onset of an altcoin season.
Ethereum and Solana’s Market Indicators
A look at the market indicators of Ethereum and Solana paints a mixed picture. Both ETH and SOL’s Weighted Sentiment has entered the negative zone, suggesting a rise in bearish sentiment.
Solana’s Long/Short Ratio has seen a sharp decline, indicating more short positions in the market. Ethereum’s Long/Short Ratio, on the other hand, has increased, signaling a bullish trend.
ETH’s MACD has also turned in favor of buyers, displaying a bullish crossover. However, its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicate slow movement.
Despite bearish metrics, Solana’s price has gained momentum, with an increase of over 1.5% in the last 24 hours. Its CMF and MACD also suggest a potential bullish crossover and continued price rise.
