A widely followed crypto analyst says altcoin markets are set to break out.
Pseudonymous crypto trader Rekt Capital tells his 396,000 followers on the social media platform X that the altcoin market cap is about to blow.
“Altcoin market cap is on the cusp of a historic breakout”
According to the trader, Ethereum’s (ETH) current run could lead to a wider altcoin rally.
“This ETH breakout may serve as fuel for the next phase of altcoin rallies”
ETH is worth $2,432 at time of writing, up 3.7% in the last 24 hours.
Looking deeper into Ethereum, the analyst says the leading smart contract platform is likely to push back up to a range high.
“ETH beginning its move, +8% up already
Looks ready to revisit the range high area once again, over time.”
Diving deeper into specific altcoins, the analyst points out that decentralized oracle provider Chainlink (LINK) is falling as ETH competitor Solana (SOL) is rising.
“Today LINK is dipping whereas SOL is rallying
Both however are showing signs of top performance in the altcoin market nonetheless
Previous outperformance precedes a wave of altcoin rallies and this time may be no different.”
SOL is worth $102 at time of writing while LINK is trading for $18.76.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
