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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).