– This falling metric could be the key to Ethereum, Solana price rallies

Bitcoin’s last 24 hours have been productive, with the cryptocurrency climbing back above $63,000 on the charts. As expected, most of the market’s altcoins followed suit, with their charts seeing green as well. However, the latter’s performances fueled a fall indominance. In fact, it hit such a critical level that a fresh altcoin season could be right around the corner now.highlighting an interesting development. As per the same, Bitcoin’s dominance is now moving inside a rising wedge pattern.

s is that the chances of BTC dominance falling over the coming days are quite likely. This would be a positive sign for altcoins as their market cap is likely to surge then.The analyst believes a similar trend can be seen this time around, further increasing the chances of an altcoin season soon. If the rally happens, then altcoins’ market capitalization can be expected to hike dramatically.

However, it was surprising to note that despite the recent price upticks, investors’ confidence in these top altcoins remained low. AMBCrypto’s analysis of Santiment’s data revealed that ETH, SOL, and BNB’s weighted sentiments all remained in the negative zone.However, the good news was that Ethereum’s open interest rose slightly along with its price. A rise in this metric is usually a sign that the prevailing price trend is likely to continue.

SOL’s open interest took ETH’s lead as it registered an uptick as well. On the contrary, the same for BNB fell, despite its price recording an uptick on the charts.AMBCrypto then analyzed ETH’s daily chart to see whether it could sustain its bull run. We found that its Money Flow Index went sideways after an uptick, while its Chaikin Money Flow moved south.

Similarly, Solana’s technical indicators looked pretty bearish too. Both its MFI and CMF went south, indicating that the token’s rally might not last.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.

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