bullish

2024

Solana

<ul> 
 <li aria-level="1">Technical analysis predicts bullish altcoin market; ascending broadening wedge in USDT suggests potential capital flow to altcoins.</li> 
 <li aria-level="1">Despite bullish technical signals for altcoins, fundamental data like Solana’s performance remain misaligned with optimistic forecasts.</li> 
</ul> 
Recent analysis of USDT (Tether) market dominance suggests potential upcoming shifts in the altcoin sector. Financial analysts have noted patterns that could forecast an increase in altcoin trading activities, referred to colloquially as “altcoin season.”&nbsp; 
The overall altcoin market, valued at $1.27 trillion earlier this year, currently shows a general downward trend with recent market cap evaluations dipping to $872 billion. 
The crypto market’s cyclical nature exhibits these fluctuations, where <a href="https://www.ethnews.com/tethers-record-6-2-billion-profit-sparks-debate-over-crypto-regulation-and-oversight/">Tether’s rising dominance</a> often precedes altcoin value surges. Analysts highlight the formation of an “ascending broadening wedge” in Tether’s market behavior. This technical pattern, characterized by expanding volatility with rising prices, traditionally suggests upcoming market corrections. 
The implications of such a pattern typically point to increased market activity and possibly a redistribution of investment from Tether into various altcoins, potentially boosting their market values.&nbsp; 
This analytical perspective was detailed by a crypto market analyst known as <a href="https://x.com/el_crypto_prof/status/1841449061087326366">Moustache on platform X</a>. Moustache’s insights into Tether’s market behavior provide a basis for anticipating a bullish phase for altcoins. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> 
 Ascending broadening wedges rarely end well. In most cases they're bearish tbh. 
 USDT. Dominance has been in this pattern for over 6 months. -This is only a bearish backtest 
 After that we will see the long awaited Altcoinseason imo. 
 Make the most of it. <a href="https://t.co/XfBkTOkhBR">pic.twitter.com/XfBkTOkhBR</a> 
 — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f2.png" alt="🧲" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@el_crypto_prof) <a href="https://twitter.com/el_crypto_prof/status/1841449061087326366?ref_src=twsrc%5Etfw">October 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Turning to specific altcoin analyses, <a href="https://www.ethnews.com/solanas-stunning-747-yearly-gain-can-it-go-higher/">Solana (SOL)</a> serves as a pertinent example. Currently, Solana exhibits a decline in both valuation and operational metrics. The price of Solana has decreased by 6.2% over the last week, with further reductions in the past 24 hours. 
<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> 
 Present trading prices place SOL around $141.51, signaling a bearish market trend. 
Furthermore, <a href="https://www.ethnews.com/is-solana-the-next-big-investment-frontier-google-cloud-partnership-points-to-yes/">Solana’s network</a> engagement metrics such as active addresses have significantly reduced, indicating decreased user activity and lowered transaction volumes. 
<figure id="attachment_97182" aria-describedby="caption-attachment-97182" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-97182" src="https://www.ethnews.com/wp-content/uploads/2024/10/Active-Wallets.png" alt="Active Wallets" width="1230" height="720">
 <figcaption id="caption-attachment-97182" class="wp-caption-text">
 Source: Solscan
 </figcaption>
</figure> 
 From over 5 million active addresses last month, the numbers have plummeted to approximately 1.3 million currently. 
<figure id="attachment_97187" aria-describedby="caption-attachment-97187" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-97187" src="https://www.ethnews.com/wp-content/uploads/2024/10/sol-futures-open-interest-usd.png" alt="sol-futures-open-interest-usd" width="1264" height="378">
 <figcaption id="caption-attachment-97187" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
Market interest in Solana as reflected by open interest in futures and options has also seen a reduction. The open interest has declined by 7%, now valued at around $2.27 billion. This metric’s decrease highlights diminishing trader engagement and speculative interest in Solana. 
<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> 
As of today, Solana (SOL) is trading at $137.29, down 2.05% for the day. Over the past month, it has seen a slight increase of 1.73%, but in the last six months, the price has dropped by 21.31%. 
Despite these short-term fluctuations, Solana has gained an impressive 34.99% year-to-date and 481.20% over the last year. 
The post <a href="https://www.ethnews.com/usdt-dominance-drops-are-your-favorite-altcoins-about-to-soar/">USDT Dominance Drops: Are Your Favorite Altcoins About to Soar?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

USDT Dominance Drops: Are Your Favorite Altcoins About to Soar?

ETHNews

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