A closely watched analyst who weathered Bitcoin’s pre-halving correction last year thinks altcoins are poised to unleash big rallies and outperform BTC.
Pseudonymous analyst Rekt Capital tells his 531,500 followers on social media platform X that the altcoin market is at a stage where it is being overlooked by most traders.
But the trader notes that the prevailing bearish sentiment is paving the way for altcoins to unleash upside bursts, leaving many traders on the sidelines.
“February was a strong month for altcoins, both in 2023 and 2024.
Can altcoins enjoy a strong February for the third year in a row?
If so, then altcoins should be near their ‘lowest hype’ areas before rising to the top in the coming weeks.”
Based on the trader’s chart, he seems to suggest that altcoins offer excellent entry opportunities for investors before the alts peak in April.
Looking at Solana, the trader believes that SOL is turning a strong resistance level into support after closing the previous trading week at around $252.
“Solana has managed to not only regain her reaccumulation range, but also break out of it.
On the verge of fully confirming a breakout from the reaccumulation range.
All it needs is a weekly close above $250, followed by a possible retest after the outbreak.”
At the time of writing, SOL is trading at $260, above the trader’s weekly resistance level.
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Credit : dailyhodl.com
