Altcoin
Ethereum and Solana Prices Are Recovering, Will Altcoins Gain Strength?
In an interesting move, The price of EthereumWe gained some strength and climbed above $3,000 after struggling to reach these levels. This move was also recorded in another popular altcoin, Solana, which is heading strongly towards $170. Growing optimism about ETH and SOL prices has once again fueled the altseason narrative. However, until Bitcoin reaches a new ATH, altcoins may certainly not gain momentum.
When will the price of BTC set new highs?
Bitcoin’s recent price action shows that the price may still be trading under bearish influence, regardless of the latest rally. However, the data from CryptocurrencyQuant suggests that Bitcoin may be in the midst of the prevailing bull run.
Bitcoin’s market capitalization is growing faster than its realized high, a trend that typically lasts about two years. Therefore, if this pattern continues, the bull cycle is expected to end by April 2025. Bitcoin price is currently showing bullish signals with the price momentum oscillator after testing its previous resistance at $64,600 and confirming it as support. With a continuing trend, the next break could be at the $67,000 resistance, which could trigger a recovery above $73,000.
With this move, altcoins in the market could show strong strength, with the price of ETH advancing towards $4000 and the price of SOL towards $250. Once these popular tokens surpass the previous ATH at around $4800 and $260, the altseason could officially begin. Until then, prices of all popular tokens may maintain an upward consolidation, defending lower support.