The crypto market is showing signs of change associated with Bitcoin's weakening dominance. This may lead to the rise of altcoins that are already displaying bullish signals.
Bitcoin's Dominance Weakens
Currently, Bitcoin's dominance is testing its last major support level. If this level fails to hold, it could trigger a rally in altcoins. Historically, when Bitcoin's dominance decreases, altcoins often become more prominent in the market.
Strong Altcoins Showing Signs of Life
Solana is trading in the $164 to $170 range and is sitting right on a strong support level, showing a bullish structure. If it breaks through trend resistance, it could quickly push up to $210 or more. Cardano looks even stronger, and after bouncing from recent lows, it could be preparing to break out. XRP recently broke out of its long downtrend and is now retesting the breakout level.
Altcoin Market Shows Bullish Signs
When looking at the altcoin market without Bitcoin and Ethereum, a bull flag pattern can be observed. This setup often leads to a significant breakout, potentially resulting in a swift surge for altcoins.
In light of Bitcoin's weakening dominance and the emergence of bullish signals in the altcoin market, the current situation may indicate the beginning of a new phase of active movements within the cryptocurrency space.
