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Market Analysis: Altcoins May Rally Following Bitcoin's Rise

Market Analysis: Altcoins May Rally Following Bitcoin's Rise

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by Giorgi Kostiuk

8 hours ago

Following Bitcoin's recent surge, altcoins are back in the spotlight, creating conditions for a potential rally.

Altcoins Back in Action

The altcoin market is starting to heat up as Bitcoin consolidates just below $111,000. Traders are turning to major altcoins like XRP, Solana, and Cardano, fostering optimism for a potential altcoin season.

Technical Analysis and Predictions

According to Ryan Lee, Chief Analyst at Bitget Research, a broader altcoin rally could be on the horizon if Bitcoin's dominance dips. He points to XRP and Solana as likely leaders, citing XRP's improving legal standing and a bullish chart pattern that could drive the token towards the $3 to $8 range.

Overall Market Sentiment

FxPro analyst Alex Kuptsikevich noted that Bitcoin's sentiment index is near 'extreme greed,' indicating that despite the current pause, there may be further upside potential in the market.

With a growing interest in altcoins, traders are shifting their focus toward major projects. Market optimism remains, particularly around XRP and Solana.

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