Altcoins to focus on if the market enters the post-halving rally

Cryptocurrency Price Prediction: The Bitcoin price The rally above $64,000 recorded on May 5 maintained the upward trajectory for the altcoin market. The month of May has shown strong bullish signs for the cryptocurrency market so far, with renewed interest in BTC ETFs playing a significant role in this trend.

In a recent update from SpotOnChain, Bitcoin ETFs recorded a substantial net inflow of $217 million as of May 6, 2024, with no outflows for two consecutive days. The Fidelity ETF (FBTC) saw the day’s highest inflow of $99.2 million, while the Grayscale ETF (GBTC) saw an inflow of $3.937 million despite a drop in volume. This trend suggests strong investor confidence and a potential bullish outlook on Bitcoin as an investment vehicle

As several analysts suggest the start of a post-halving rally, investors may find promising bullish opportunities in major altcoins such as Ethereum (ETH), Solana (SOL), and XRP.

Read also: Bitcoin Price Analysis: End-of-Correction Pattern Suggests $BTC Rally to $73,000 in May

1)Ethereum (ETH)

Ethereum (ETH)| Tradingview

Ethereum it is the second largest cryptocurrency by market capitalization, standing out for its robust smart contract functionality that allows you to create decentralized applications (dApps) on its platform.

In the last three, the ETH price it actively consolidated two horizontal levels for $3,300 and $2,850. The coin’s price has bounced three times from each of the mentioned levels, creating a narrow range that indicates a lack of dominance from buyers and sellers.

A recent reversal from the lower end of the range has seen the price of Ethereum rise by 8% to currently stand at $3,101. Data from Coinmarketcap shows that Ethereum has a market capitalization of $372.2, while 24-hour trading volume increased by 40% to $13.2 billion.

In order for buyers to regain control over this asset, the Ether the price must break above the general resistance and the descending trend line for a descending wedge pattern. For ETH holders, the $3730 and $4100 levels represent solid resistance, while the $2870 and $2700 provide strong support.

Read also: Ethereum Price Prediction As DeFi TVL Rises to $57 Billion, Is ETH Ready for $4,000 This Week?

2) Solana (SOL)

Solana (G)| Tradingview

Solana is recognized for its high-speed blockchain, which supports a wide range of decentralized applications and crypto projects with significantly lower transaction costs and faster processing times than many other blockchains.

SOL, the native cryptocurrency of the Solana ecosystem, has witnessed a wave of buying over the past seven years that has pushed its value from $118.5 to $156. This 32% rise on the daily chart reveals the formation of a bullish reversal pattern called a double bottom.

The Solana coin is currently the fifth largest cryptocurrency with a market capitalization of $3.013 billion.

With sustained purchases, the Price SOL is poised to break the resistance at $160, providing buyers with adequate support to chase the $210 target.

Read also: Why Solana’s (SOL) weekly earnings could sustain despite the pressure

3)XRP

XRP| Tradingview

XRP, created by Rippleit is primarily designed for fast and low-cost international money transfers, serving as a bridge currency in cross-border transactions.

As of the last update, XRP is trading at $0.538, with yesterday’s candle showing strong rejection, suggesting a prevailing selling sentiment during bullish bounces

At press time, the XRP Price trading at $0.538, and the overall bid highlighted by yesterday’s long candlestick rejection indicates market sentiment persists to sell on a bullish bounce.

XRP’s market capitalization currently stands at $29.7 billion, while trading volume hovers at $1.78 billion, predicting a 116% gain from yesterday.

A potential breakout above the upper trendline would serve as a crucial indicator of a trend reversal, paving the way for XRP to potentially reclaim the $0.643 and $0.748 levels.

Key takeaway

Bitcoin’s recent recovery rally moved sideways this past weekend, settling above $63,000. This consolidation followed an earlier surge in the week, in which BTC rose 14.4% from $56,500. This sideways trend could rejuvenate buyers, potentially restoring bullish momentum and pushing BTC price above $70,000. Recovering this psychological level could spark significant buying interest in altcoins.

Related articles

Source