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Altcoins on the Verge of a 2016-Style Rally, Says Crypto Analyst

source-logo  coinedition.com 01 December 2023 12:20, UTC

Following the broader market recovery, altcoins saw considerable price booms, with some major tokens notching new annual highs. While that has slowed considerably, a crypto analyst predicts that another big break may be close by.

Indeed, the crypto analyst who goes by @el_crypto_prof on X made this prediction in a recent post. According to the analyst, altcoins are teetering on the edge of a breakthrough last seen in 2016.

โ€œItโ€™s time for Altcoins to break through the blue line in the RSI,โ€ the analyst tweeted while noting that the tokens would do it in a shorter time frame. The analyst continued that back in 2016, the breakthrough was the signal for the strongest altcoin rally the market has ever seen.

#Altcoins

It's time for Altcoins to break through the blue line in the RSI.

We have seen this scenario before in 2016, only in a shorter time frame.

Back then, this was the signal for the strongest altcoin rally the market has ever seen.

Exciting times ahead, right?๐Ÿ‘€ pic.twitter.com/3UreqeRYqj

โ€” ๐•„๐• ๐•ฆ๐•ค๐•ฅ๐•’๐•”โ“—๐•– ๐Ÿงฒ (@el_crypto_prof) November 30, 2023

The crypto analystsโ€™ statements mirror growing optimism in the crypto market. Fueled mainly by spot Bitcoin ETF approval speculations, many in crypto circles expect major tokens to notch new highs next year.

Turning to cryptocurrency data tracker CoinMarketCap, data shows that the leading altcoin, Ethereum, has increased by 2.96% in the past 24 hours and currently sits at $2,092 apiece. On the weekly price chart, the token edged marginally as well.

Meanwhile, Solana remains the clear winner among the leading altcoins in price gains. The layer-1 token, in the past seven days, has seen a 6% growth in its price. On the broader 30-day chart, SOL has added an impressive 59.21% price gain.

Elsewhere, other top altcoins, such as XRP, BNB, and ADA, have seen more muted performances. In the past seven days, the tokens have edged lower as investorsโ€™ excitement slightly dampened.

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coinedition.com