Flow

Solana

Divergence

<ul> 
 <li aria-level="1">Bitcoin’s dominance at 54% suggests altcoins are subdued; bearish divergence on RSI may signal a market shift.</li> 
 <li aria-level="1">Solana’s recent 10% value drop contrasts with potential market changes; Open Interest decline hints at upcoming reversal.</li> 
</ul> 
Bitcoin’s dominance on the cryptocurrency market has been a significant factor in the performance of altcoins, with BTC’s dominance currently standing at 54% according to CoinStats. 
<figure id="attachment_90348" aria-describedby="caption-attachment-90348" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-90348" src="https://www.ethnews.com/wp-content/uploads/2024/08/btc-dominance-chart.png" alt="btc-dominance-chart" width="1219" height="598">
 <figcaption id="caption-attachment-90348" class="wp-caption-text">
 Source: Coinstats
 </figcaption>
</figure> 
This level of market control usually suggests a subdued period for altcoins. However, emerging patterns on the dominance charts hint at potential shifts that could benefit cryptocurrencies like Solana (SOL). 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://twitter.com/hashtag/Dominance?src=hash&amp;ref_src=twsrc%5Etfw">#Dominance</a> <a href="https://twitter.com/search?q=%24BTC.D&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC.D</a> 
 Bullish Divergence at the Bottom — Bearish Divergence at the Top 
 We’re so damn close to <a href="https://twitter.com/hashtag/Altseason?src=hash&amp;ref_src=twsrc%5Etfw">#Altseason</a>… Just a little more patience and we'll see fireworks <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/U32taAofQ7">pic.twitter.com/U32taAofQ7</a> 
 — CryptoBullet (@CryptoBullet1) <a href="https://twitter.com/CryptoBullet1/status/1829474267399852256?ref_src=twsrc%5Etfw">August 30, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Recent analyses, including insights from CryptoBullet, a noted crypto analyst, reveal a bearish divergence on <a href="https://www.ethnews.com/is-bitcoin-about-to-explode-what-you-need-to-know-before-q4-2024/">Bitcoin’s dominance chart</a>, particularly on the Relative Strength Index (RSI). This divergence, where the RSI shows weakening momentum despite the dominance metric increasing, could signal a forthcoming decrease in Bitcoin’s market control. 
<figure id="attachment_90352" aria-describedby="caption-attachment-90352" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-90352" src="https://www.ethnews.com/wp-content/uploads/2024/08/Screenshot-2024-08-31-at-10.37.43 AM-2048x1224-1.png" alt="" width="2048" height="1224">
 <figcaption id="caption-attachment-90352" class="wp-caption-text">
 Source: X
 </figcaption>
</figure> 
Historically, such patterns have led to changes in the Crypto market. For instance, a similar bearish divergence in late 2021 preceded a rise in <a href="https://www.ethnews.com/bitcoin-bull-run-on-the-horizon-willy-woo-forecasts-the-countdown/">BTC dominance</a>, but the current indicators suggest a possible reversal that might usher in what many in the crypto community refer to as an ‘altcoin summer.’ 
<figure id="attachment_90356" aria-describedby="caption-attachment-90356" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-90356" src="https://www.ethnews.com/wp-content/uploads/2024/08/Solana-SOL-10.41.03-31-Aug-2024-2048x693-1.png" alt="Solana-SOL-10.41.03-31-Aug-2024-2048x693" width="2048" height="693">
 <figcaption id="caption-attachment-90356" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
Turning <a href="https://www.ethnews.com/could-solanas-new-staking-tokens-end-ethereums-dominance/">to Solana</a>, the cryptocurrency recently experienced a 10% drop in value over the last week, trading at $138.57 with a market capitalization of over $64 billion. Despite this downturn, the decrease in SOL’s Open Interest indicates a potential shift in the ongoing price trend, hinting that a reversal might be on the horizon. 
Technical indicators on Solana’s daily chart show mixed signals. The Money Flow Index (MFI) has recorded a downtick, suggesting continued price drops might be likely, potentially seeing SOL fall to around $127.&nbsp; 
<figure id="attachment_90360" aria-describedby="caption-attachment-90360" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-90360" src="https://www.ethnews.com/wp-content/uploads/2024/08/SOLUSD_2024-08-31_10-46-47-2048x1100-1-e1725120559121.png" alt="SOLUSD_2024-08-31_10-46-47-2048x1100" width="2048" height="1061">
 <figcaption id="caption-attachment-90360" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Conversely, the Chaikin Money Flow (CMF) indicator has moved upward, reflecting growing buying pressure which, combined with a decrease in BTC dominance, could set the stage for a bullish rally for SOL. 
If Bitcoin’s dominance continues to falter, Solana could leverage this shift to initiate a recovery and potential rally. ETHNews analyst places a near-term target for SOL at $163, with the possibility of reaching as high as $187 if the altcoin market heats up. 

<div class="cryptoboxes" id="mcw-12347" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="SOL" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
The current price of Solana (SOL) is approximately $135.95 USD, showing a decrease of 2.75% over the past 24 hours. Today’s trading range has been between $135.95 and $138.96 USD.&nbsp; 
Over the last 52 weeks, Solana’s price has ranged from $17.46 to $209.70 USD. The market capitalization stands at $63.413 billion, with a trading volume of around $2.05 billion in the last 24 hours. 
The post <a href="https://www.ethnews.com/unbelievable-altcoin-opportunity-why-solana-could-double-your-money/">Unbelievable Altcoin Opportunity—Why Solana Could Double Your Money!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Unbelievable Altcoin Opportunity—Why Solana Could Double Your Money!

ETHNews

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