The post Are Ethereum, BNB, and Solana poised to lead the next altcoin rally? appeared on BitcoinEthereumNews.com.

Ethereum was down by more than 3% in the last 24 hours.  Technical indicators looked bearish for ETH, SOL, and BNB. As Ethereum [ETH] ETFs get approved, several speculate that the market will turn bullish. In fact, if the latest data is to be considered, then the possibility of altcoins beginning a rally seems likely. But will top cryptos like ETH, BNB, and Solana [SOL] lead this rally?  Are Altcoins setting up a show? Milkybull, a popular crypto analyst, recently posted a tweet highlighting an interesting development. As per the tweet, altcoins were gearing up for an explosive move. The analysis highlighted a market-out box, and how a breakout of altcoins’ market capitalization above that level would trigger a massive bull rally. Apart from this, Nansen’s recent tweet also mentioned a bullish development. The total stablecoin market cap recently passed $160 billion, signifying new money entering the space, which was bullish. However, things on the ground looked pretty different as most top alts were under bears’ influence. According to CoinMarketCap, ETH was down by more than 3% in the last 24 hours. SOL and BNB also had similar fates, as their values dropped by over 6% and 4%, respectively. It was interesting to note that despite the recent bearish price trend, all of these tokens’ weighted sentiment went into the positive zone. This signified that investors were bullish on them. Source: Santiment Ethereum is underperforming  The hype around ETF approval sparked excitement as several expected ETH to remain bullish. But its weekly rally ended, and at press time, it was trading at $3,666 with a market cap of over $440 billion. AMBCrypto’s look at CryptoQuat’s data revealed that both ETH’s Relative Strength Index (RSI) and stochastic were in overbought positions, which was a bearish signal. However, the trend might change…

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Filed under: News - @ May 25, 2024 7:28 pm