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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

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    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

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    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

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  • Gaming
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    Can Snoop Dogg’s Telegram Drop Revive a Slumping NFT Market?

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    ‘Off the Grid’ Token Hits Solana, More Games Shut Down

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    Qitmeer Network Forges Partnership with Onmi to Bolster Web3 GameFi Space

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    Why Are So Many Crypto Games Shutting Down? Experts Weigh In

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    Why AAA Game Studios Will Eventually Embrace NFTs

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  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    LFG Boosts Token Launches with Community Power

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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  • AI
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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

    A Step-by-Step Guide for Risk-Takers

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

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    How It Works and What to Watch Out For

    Crypto Risk Management Strategies for Trading (2025)

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What Is Liquid Staking? How It Works & Why It Matters in Crypto

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    A Full Comparison of Layer 2 Solutions

    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Dogecoin Bull run

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin’s loss could be Solana’s gain – Here’s why $187 target may be in sight

August 31, 2024
in Bitcoin
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Bitcoin’s loss could be Solana’s gain – Here’s why $187 target may be in sight
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  • 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. 

Altcoin season index

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.

See also  Is Bitcoin's rally growing closer?

At press time, it was trading at $138.57 with a market capitalization of over $64 billion.

The bad news was that SOL’s trading volume spiked while its price dropped, which legitimized the downtrend. The token’s weighted sentiment also plummeted sharply, meaning that bearish sentiment around SOL was dominant.

Solana's open interest dropped

Source: Santiment

Nonetheless, SOL’s Open Interest dipped. Usually, a drop in this metric indicates that there are chances of the ongoing price trend changing. Therefore, AMBCrypto checked SOL’s daily chart to find out what the technical indicators suggested.

The Money Flow Index (MFI) registered a downtick, hinting at a sustained price drop. If that happens, then investors might seen SOL dropping to $127. 


Is your portfolio green? Check out the SOL Profit Calculator 


On the contrary, the Chaikin Money Flow (CMF) went north. Additionally, if BTC dominance falls, then SOL might as well turn bullish. In the event of a bullish takeover, SOL might target $163 before it begins its journey towards $187. 

Source: TradingView

Next: BONK price prediction – Identifying where the buy opportunities are

READ ALSO

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Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • 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. 

See also  Crypto week ahead - How U.S labor updates can affect Bitcoin, Ethereum

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. 

Altcoin season index

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 time, it was trading at $138.57 with a market capitalization of over $64 billion.

The bad news was that SOL’s trading volume spiked while its price dropped, which legitimized the downtrend. The token’s weighted sentiment also plummeted sharply, meaning that bearish sentiment around SOL was dominant.

Solana's open interest dropped

Source: Santiment

Nonetheless, SOL’s Open Interest dipped. Usually, a drop in this metric indicates that there are chances of the ongoing price trend changing. Therefore, AMBCrypto checked SOL’s daily chart to find out what the technical indicators suggested.

See also  Will Bitcoin's bullish rally see a pullback?

The Money Flow Index (MFI) registered a downtick, hinting at a sustained price drop. If that happens, then investors might seen SOL dropping to $127. 


Is your portfolio green? Check out the SOL Profit Calculator 


On the contrary, the Chaikin Money Flow (CMF) went north. Additionally, if BTC dominance falls, then SOL might as well turn bullish. In the event of a bullish takeover, SOL might target $163 before it begins its journey towards $187. 

Source: TradingView

Next: BONK price prediction – Identifying where the buy opportunities are
Tags: BitcoinsgainHereslossSightSolanasTarget

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