Ethereum

Solana

Convergence

Billion

Divergence

<p>The post <a href="https://coinpedia.org/price-analysis/altcoin-rally-ethereum-eth-and-solana-sol-set-to-dominate-crypto-market/" rel="noopener noreferrer nofollow">Altcoin Rally: Ethereum (ETH) And Solana (SOL) Set To Dominate Crypto Market?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The crypto market has experienced a strong bullish price action within the past day, resulting in the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">BTC price</a> surpassing the $65,000 mark. Moreover, the leader of altcoins, ETH price, successfully reclaimed the $3,000 mark, indicating an increase in the bullish sentiment in the crypto space.</p>
<p>On the other hand, the Solana token has successfully breached its important resistance level of $155.25 by adding 14.26% to its portfolio within the past 24 hours. With a fresh inflow of bullish sentiment in the crypto market, will top Layer-1 (L1) tokens outperform the crypto space this month?</p>
<h2 class="wp-block-heading" id="h-ethereum-token-on-the-verge-of-a-major-breakout">Ethereum Token On The Verge Of A Major Breakout:</h2>
<p>After recording a significant bullish price action by adding 80.80% during February, the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" rel="noopener noreferrer nofollow">ETH price</a> faced rejection at $4,094.75 on 12th March. Since then, the price has been trading under a falling channel pattern in the 1D time frame, indicating a strong bearish sentiment in the crypto space.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/xOzgSr22lKmVu9oAli_Bzf2w270cQNMkl6zo0is_W11zwPy2QW0QiTE-0cC9bpipqPRykgszL6gV83sXCGd2JJC8muOp4au6GlL8ZtUVvlUR3iIfslvwPXEQ_S2hNUQQlSjUTFL-aW8UBaOETAtXOhE" alt="Ethereum Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: ETH/USDT
 </figcaption>
</figure>
<p>However, following the market rebound, the <a href="https://markets.coinpedia.org/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> has successfully regained the $3,000 mark. Moreover, the price is on the verge of breaking out of the resistance trendline, highlighting increased buying pressure in the crypto market.</p>
<p>The technical indicator, MACD, shows a constant flatline in the 1D time frame, indicating a weak price action for the leader of altcoins in the market. However, the averages display a bullish convergence, suggesting a positive outlook for the ETH price in the coming time.</p>
<p>If the market holds the price above the support level of $3,000, the bulls will prepare to test its resistance level of $3,250 in the coming time. However, bearish price action will pull the price below its crucial support level of $3K this week.</p>
<h2 class="wp-block-heading" id="h-solana-price-hints-bullish-price-action">Solana Price Hints Bullish Price Action:</h2>
<p>The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL coin price</a> has been constantly displaying a higher low in its chart, indicating an increase in the buying-over-selling pressure in the crypto market. Moreover, the price is on the verge of breaking out of its resistance zone, highlighting a bullish outlook for the altcoin.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/m9rwrgGS6U9g_T_7VnZSe0D7WU3pTjYVchGgeWugUFizHJt6jqNzxuAG_EKt3aGwF7ApkDZOqWaIM1_BIYqOeUD0BmnWYjBfHs9pVCCye8jBqZ786-t5uYEtbML1E66V_dpt_CUx6LD6v6ABrFuu-G8" alt="Solana Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: SOL/USDT
 </figcaption>
</figure>
<p>The Moving Average Convergence Divergence (MACD) shows a constant rise in the green histogram, highlighting an increase in the buying-over-selling pressure in the crypto industry. Furthermore, the averages display a bullish curve, suggesting the price will continue gaining value in the coming time.</p>
<p>If the bulls surpass the resistance zone, the <a href="https://markets.coinpedia.org/solana/" rel="noopener noreferrer nofollow">Solana price</a> will experience a breakout rally and attempt to test its upper resistance level of $200. Negatively, if the bears regain momentum, the SOL price will plunge toward its lower support level of $126.75 this month.</p>
<h2 class="wp-block-heading" id="h-on-chain-analysis">On-chain Analysis:</h2>
<p>At the time of writing, the Total Value Locked (TVL) on the Ethereum chain was $131.959 Billion, a change of +3.47% from $127.528 Billion yesterday. On the other hand, the Solana chain has a TVL of $10.556 Billion with a rise of $900 Million (+9.32%) within the past day.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/WxC4C4hwk3TKE-8XLBXUYSEV5v2rPZinuUQptKYEeTnpVhnY_h68I5c_584j1AQ42V2NDcUPet3ybbMUazELHyEEzR2ym0xe6FPxeHWae-4fV-ytLjUKydymq0hJKr12m7u6x5Cy01rccAqkUUB0oAc" alt="">
 <figcaption class="wp-element-caption">
  Source: DefiLlama
 </figcaption>
</figure>
<p>Furthermore, the Ethereum chain has added $8.516 Billion (6.89%) since the month started, whereas the Solana chain has added $2.043 Billion to its valuation during the same time.</p>
<p>Presently, Ethereum has 386,161 active addresses with 1.2m TXs on its chain. On the other hand, the Solana chain has 841,149 active addresses, 117.82% more when compared with Ethereum and 27.52 TXs on its chain.</p>

Altcoin Rally: Ethereum (ETH) And Solana (SOL) Set To Dominate Crypto Market?

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