A widely followed crypto analyst says the altcoin markets are about to breakout.
Pseudonymous crypto trader Rekt Capital tells his 396,000 followers on the social media platform
“Altcoin’s market cap is on the verge of a historic breakout”
According to the trader, Ethereum (ETH) is currently running can lead to a broader altcoin rally.
“This ETH breakout could fuel the next phase of altcoin rallies”
ETH is worth $2,432 at the time of writing, up 3.7% in the last 24 hours.
Looking deeper into Ethereum, the analyst say the leading smart contract platform is likely to peak again.
“ETH starts its move, already up +8%
It looks ready to revisit the high ground in time.
The analyst dives deeper into specific altcoins points out that decentralized oracle provider Chainlink (LINK) is falling while ETH competitor Solana (SOL) is rising.
“Today LINK is declining while SOL is recovering
However, both are nevertheless showing signs of peak performance in the altcoin market
Previous outperformance precedes a wave of altcoin rallies and this time cannot be any different.”
SOL is worth $102 at the time of writing, while LINK is trading at $18.76.
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Generated image: DALLE3