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In order to let a proper altcoin rally begin, Bitcoin (BTC), the largest cryptocurrency, should overcome strong resistance at current levels, says a seasoned crypto trader and educator.
Solana (SOL) price target depends on Bitcoin (BTC) performance, trader says
Should Bitcoin (BTC) be able to stay strong amid major resistance, it might kickstart the rallies of some major altcoins. For instance, the Solana (SOL) price has all chances to jump to $140, cryptocurrency educator Koroush Khaneghah wrote on X.
Crypto Market Thoughts$BTC - Leading the market but at major resistance. Strong rejection here invalidates altcoin plays.$ETH - Took an arrow to the knee, hasn't been the same since.$SOL - If this breakouts with #bitcoin we go to $140.$LINK - Breaking out beautifully,…
— Koroush AK (@KoroushAK) February 12, 2024
At the same time, Bitcoin (BTC) is leading the ongoing market upsurge. Today, the orange cryptocurrency set a new cycle price high over $49,500 on major spot exchanges.
The possible rally to $140 would mean another 30% upsurge for Solana (SOL) price. In the last 30 days, the asset surged by 12,87%.
Besides Solana (SOL), Bitcoin's (BTC) strong performance at turbulent levels might be fruitful for Chainlink (LINK), which is already "breaking out beautifully," trader adds.
Tron (TRX) looks "disgustingly" strong
At the same time, he is pessimistic about the prospects of both XRP and Polygon's MATIC. The second asset will soon be replaced by POL as a major cryptocurrency of Polygon's ecosystem.
While Ethereum (ETH) "took an arrow in the knee," its onetime competitor Tron (TRX) looks very strong to Khaneghah, in particular when it comes to monthly charts.
In less than three months, Tron's TRX added over 25%. Its capitalization exceeded $11 billion. The token managed to yet again become the top 10 crypto by market cap (excluding stablecoin majors USDT and USDC with regulated market caps).