Following last year’s successful Bitcoin halving correction, one analyst believes the altcoin is close to sparking a massive rally and outperforming BTC.
Household analyst Rekt Capital told his 531,500 followers on social media platform X that the altcoin market is at a stage overlooked by most traders.
However, traders note that the prevailing bearish sentiment is setting the stage for altcoins to trigger a surge, leaving many traders on the sidelines.
“February was a strong month for altcoins in both 2023 and 2024.
Can altcoins enjoy a strong February for the third year in a row?
If that’s the case, the altcoin should be close to the ‘hype bottom’ zone before it starts to rally in the coming weeks.”
According to the trader’s charts, he seems to suggest that altcoins present the best entry opportunity for investors before they peak in April.
Looking at Solana, traders believe that SOL is in the process of turning a strong resistance level into a support level after closing the last trading week at around $252.
“Solana not only recovered the reaccumulation range, but also succeeded in breaking out of it.
This is the point at which the breakthrough of the re-accumulation range is fully confirmed.
We just need a weekly close above $250 and a breakout followed by a retest.”
As of this writing, SOL is trading at $260, above traders’ weekly resistance level.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3