Pseudonymous analyst Rekt Capital noted to his 531,500 followers on social media platform X that the altcoin market is currently ignored by most investors.
Market Sentiment and Altcoins
Rekt Capital stated that the current downward trend has paved the way for altcoins to rise and many investors remain on the sidelines. The analyst points out that the altcoin market may experience significant activity in the coming weeks.
Importance of February
The analyst emphasized that February was strong for altcoins in 2023 and 2024, and wondered whether this trend would continue for the third year in a row. He noted that this could see altcoins approach their ‘lowest hype’ levels before rising in the coming weeks.
Solana’s Situation
In the analysis on Solana (SOL), the analyst stated that SOL turned a strong resistance level into a support level and closed the previous trading week at approximately $252. SOL is trading above the weekly resistance level at $260.
Rekt Capital: “Solana not only regained its accumulation range, but also exited it.”
Rekt Capital: “A weekly close above $250 and a possible post-test is required to fully confirm a clear breakout.”
The analyst suggests that altcoins offer ideal entry opportunities for investors before peaking in April. As the altcoin market is ignored, market conditions are expected to become advantageous for altcoins.
Investors should note that they should do their own research, taking into account market trends and analysts’ predictions, before evaluating potential opportunities in altcoins.
As a result, the current bearish trend in the altcoin market is expected to create a suitable basis for an upward move in the coming weeks. Leading altcoins like Solana can attract investors’ attention with strong technical indicators.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
