Analysts: AltCoins like Solana and Ethereum are about to explode

The shift in technical indicators has sparked predictions of an imminent surge in AltCoin, with one analyst at X predicting the same gains as in 2017 and 2021.
Speaking of X, analysts say that this optimism comes after a change in the Gauss Channel, a technical indicator used to assess market momentum. On X, traders note that the Gaussian channel has changed from green to red after a few weeks.
Looking at historical performance and metric changes, leading AltCoin such as Ethereum, Solana, and even Dogecoin could see a bullish shift in the coming days.
However, from a technical point of view, this rally will be better confirmed once the current resistance level is fully breached. If this happens, the AltCoin market could see a "parabolic" rebound.
Driven by encouraging Bitcoin Rebound, the broader Crypto Assets market is bullish. The world's most valuable Token is trading above $50,000 with a trend of December 2021 levels. Proponents are optimistic that Bitcoin will not only see more gains in the coming days, but may also break through the November 2021 highs.
Institutions and investors use Spot Bitcoin exchange-traded funds (ETFs) to hold Bitcoin, leading to rise demand.
The surge in Bitcoin prices has greatly benefited Tokens such as Solana and Ethereum, as well as meme Tokens such as BONK, and their trend continues. For example, despite recent network outages that have raised questions about the platform's reliability, SOL is currently trading at over $100. In January, SOL peaked at over $125.
Ethereum, on the other hand, continues to rise, but remains below $3,000. The increase in DeFi (Decentralized Finance) activity and optimism over the approval of Spot Ethereum exchange-traded funds (ETFs) by the US SEC (SEC) continue to spur demand. Recently, Franklin Templeton applied to regulators to join BlackRock and Fidelity in applying for Ethereum ETF shares.
It's unclear how strong the AltCoin's Rebound will be if buyers take over. Judging by the performance of leading AltCoins such as Solana and Cardano in the first quarter of 2024, the price is likely to explode and hit new 2024 highs and break through the 2023 resistance level.
According to the data, the AltCoin Market Cap has almost doubled. That number grew from about $475 billion at the end of 2022 to more than $910 billion at the time of writing in mid-February. When AltCoin peaked in November 2021, its cumulative Market Cap exceeded $1.6 trillion.
(Source: Dalmas Ngetich)