Altcoins
Are Ethereum (ETH) and Solana (SOL) Poised to Dominate the Crypto Market?
The crypto market has seen a strong upward price trend over the past day, resulting in BTC Price surpassing the $65,000 mark. Additionally, altcoin leader ETH price managed to reclaim the $3,000 mark, indicating an increase in bullish sentiment in the crypto space.
On the other hand, Solana token managed to breach its important resistance level of $155.25 by adding 14.26% to its portfolio in the last 24 hours. With a new influx of bullish sentiment in the crypto market, will the top layer 1 (L1) tokens outperform the crypto space this month?
Ethereum token on the verge of a major breakthrough:
After recording significant bullish price action by adding 80.80% in February, the ETH Price was rejected at $4,094.75 on March 12. Since then, the price has been trading in a descending channel pattern over the 1D timeframe, indicating strong bearish sentiment in the crypto space.
TradingView: ETH/USDT
However, following the market rebound, the Ethereum Price managed to regain the $3,000 mark. Additionally, the price is on the verge of breaking out from the resistance trendline, highlighting increased buying pressure in the crypto market.
The technical indicator, MACD, shows a consistent stable line on the 1D timeframe, indicating weak price action for the altcoin leader in the market. However, the averages show bullish convergence, suggesting a positive outlook for ETH price in the coming times.
If the market sustains the price above the $3,000 support level, the bulls will prepare to test its $3,250 resistance level in the coming time. However, bearish price action will bring the price back below its crucial support level of $3,000 this week.
Solana price hints at bullish price action:
THE SOL coin price has consistently posted a higher low in its chart, indicating an increase in buying-on-selling pressure in the crypto market. Additionally, the price is on the verge of breaking out of its resistance zone, highlighting the bullish outlook for the altcoin.
TradingView: SOL/USDT
The Moving Average Convergence Divergence (MACD) shows a steady increase in the green histogram, highlighting an increase in buy-on-sell pressure in the crypto industry. Additionally, the averages are showing an upward curve, which suggests that the price will continue to gain value in the coming times.
If the bulls exceed the resistance zone, the Solana Price will experience a breakout rally and attempt to test its upper resistance level of $200. Negatively, if the bears regain momentum, SOL price will plunge this month towards its lower support level of $126.75.
On-chain analysis:
At the time of writing, the total value locked (TVL) on the Ethereum chain was $131.959 billion, a +3.47% change from yesterday’s $127.528 billion. On the other hand, the Solana channel has a TVL of $10.556 billion with an increase of $900 million (+9.32%) over the last day.
Source: DéfiLlama
Additionally, the Ethereum chain added $8.516 billion (6.89%) month-to-date, while the Solana chain added $2.043 billion to its valuation during the same period.
Currently, Ethereum has 386,161 active addresses with 1.2 million TX on its chain. On the other hand, the Solana chain has 841,149 active addresses, which is 117.82% more compared to Ethereum and 27.52 TX on its chain.