Solana Could Be the Key to the Next Altcoin Season, Data Suggests

Altcoins are underperforming against Bitcoin, but there may be good reasons for it. Especially if these cryptos allow...

Bitcoin has been the center of attraction for quite some time, with the king coin touching its all-time high and plummeting to near $55k soon thereafter.

A decline in Bitcoin dominance directly translates into a rise in altcoins’ prices. But, the tweet also highlighted that altcoin’s major recovery would happen after BTC dominance slips under the pattern.

However, not everything looked in altcoins’ favor. For instance, AMBCrypto’s look at the altcoin season index revealed that BTC was still dominant.

Our analysis of Santiment’s data revealed that after remaining in the positive zone, both SOL and ETH’s Weighted Sentiment went into the negative zone.

revealed that Solana’s Long/Short Ratio registered a sharp downtick. This suggested that there were more short positions in the market than long positions.

Like the long/short ratio, ETH’s MACD also turned in buyers’ favor as it displayed a bullish crossover. However, the Relative Strength Index took a sideways path under the neutral mark.

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