The analyst says that altcoins are about to enter a “hype cycle” phase that could lead to gains over the coming weeks
One closely followed analyst who successfully corrected Bitcoin before the halving last year believes altcoins are close to igniting major rallies and outperforming Bitcoin.
The analyst with the pseudonym Rekt Capital tells his 531,500 followers on the social media platform X that the altcoin market is at a stage where it is being ignored by most traders.
But the merchant Notes The prevailing bearish sentiment is paving the way for altcoins to ignite bullish bursts, leaving many traders on the sidelines.
“February was a strong month for altcoins in 2023 and 2024.
Could altcoins have a strong February for the third year in a row?
If so, altcoins should be close to “minimum noise” areas before they race higher over the coming weeks.”
Based on the trader’s chart, it seems to indicate that altcoins offer key entry opportunities for investors before altcoins peak in April.
Looking at Solana, the trader believes that SOL is in the process of flipping a strong resistance level into support after closing the previous trading week at around $252.
“Solana not only managed to recover the reaccumulation range, but also successfully exited it.
On the cusp of full confirmation of the breakout from the reaccumulation range.
It just needs a weekly close above $250 followed by a possible retest after the breakout.
At the time of writing, SOL is trading at $260, above the weekly trader resistance level.
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