The post Bitcoin’s loss could be Solana’s gain – Here’s why $187 target may be in sight appeared on BitcoinEthereumNews.com.

A bearish divergence appeared on BTC’s dominance chart If SOL turns bullish, then it might target $187 in the coming weeks Bitcoin’s [BTC] dominance has been rising for multiple weeks now, suggesting that altcoins might have to wait longer for a rally. However, the situation can change soon as a bullish divergence seemed to appear on the charts. This might allow altcoins like Solana [SOL] to gain bullish momentum soon.  Hence, it’s worth taking a look at the odds of an altcoin summer.  Bitcoin dominance to fall soon? BTC dominance has consistently remained well above the 50% mark. Whenever this metric rises, it indicates that the chances of altcoins gaining upward momentum are low. At press time, BTC’s dominance stood at 54%, as per CoinStats. Additionally, AMBCrypto’s assessment of the Altcoin Season Index revealed that the indicator had a reading of 20. Generally, a value under 25 hints at a Bitcoin season.  Source: Blockchain Center However, the situation might change soon. CryptoBullet, a popular crypto analyst, recently shared a tweet highlighting a bullish and bearish divergence on BTC’s dominance chart. As per the same, while BTC’s dominance increased, a bearish divergence appeared on the Relative Strength Index (RSI) chart. This might indicate a possible dip in the cryptocurrency’s dominance going forward. Interestingly, the opposite happened in late 2021, with the same resulting in a hike in BTC dominance in subsequent months. If the bearish divergence pattern is tested, then investors might soon seen altcoins flourish across the board.  Source: X Will Solana benefit from this? Since a drop in BTC dominance might result in an altcoin rally, AMBCrypto planned to check Solana’s state to see whether it showed any signs of a bull rally. According to CoinMarketCap, SOL’s value dropped by over 10% in the last seven days. At press…

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Filed under: News - @ August 31, 2024 1:17 pm