By
Chimamanda U. Martha
May 10th, 2024
Santiment revealed that despite a price drop, Bitcoin can reach $50,000. Altcoins have already embarked on a strong surge with Ethereum and Solana leading the show.
Ethereum and Solana have managed to hit the highest levels in more than one year and a half. ETH price now is $2,353 while SOL price today is around $71.
At the same time, Bitcoin (BTC) has decreased to $43,000 again. However, experts believe that there are clear indicators that may hint at $50,000 for BTC price soon. As BTC’s price remains stagnant, crypto analytics firm Santiment observed a rise in concerns among traders, with many expressing fears of a potential “bull trap”.
This term refers to a brief rally that lures investors back into the market before a significant downtrend. Santiment’s insights, based on social media metrics, highlight the growing apprehension among traders about the current state of the crypto markets.
😱 Traders are fearful that #crypto markets may be in a #bulltrap at the moment. But while #Bitcoin may have stopped its momentum for the time being, #Ethereum and #altcoins are blasting off once again. #FUD could propel $BTC to $50K if it increases. https://t.co/CjzkGxfzA1 pic.twitter.com/Y24qVpaBJ4
— Santiment (@santimentfeed) December 7, 2023
Altcoin Ethereum and Solana Take the Lead
Ethereum (ETH) surged 5.61% to $2,375, reaching levels unseen in 18 months. Traders cautiously eye potential bull traps, with investors targeting $3,500 amid market uncertainties. On-chain data reveals non-exchange wallets holding an all-time high of 54.6 million ETH, while exchange wallet holdings hit a 5-year low at 9.3 million ETH.
🐳 #Ethereum has scratched its way to $2,349, its highest level since June, 2022. The long-term trend of top non-exchange whale wallets getting richer, and top exchange whale wallets having less sell-off power, is a promising combo for a continued climb. https://t.co/h7ogbqPLWf pic.twitter.com/82plXmVn02
— Santiment (@santimentfeed) December 7, 2023
Ethereum’s positive momentum is attributed to the upcoming Dencun fork on the Goerli testnet in January 2024, expected to enhance data availability and reduce transaction costs for rollups, signaling promising improvements in scalability, gas fees, and network security.
Solana (SOL) surges over 15%, breaking key resistance at $71, trading at $71.71 with a market cap of over $30 billion. In a robust bullish trend, SOL extends weekly and monthly rallies by 18% and 65%, respectively. The sole major altcoin with a 600% YTD surge, SOL signals potential profits, and analysts predict a 30% rally to $90.
Crypto analyst Ali Martinez warns of profit-taking if $60 support weakens, risking a drop to $47. Arthur Hayes anticipates a $100 price target.
Who is ready for a weekend alt szn green doji piss up? Can we send $SOL over $100? Let’s do it fam 🫡🫡🫡🫡🫡🫡
— Arthur Hayes (@CryptoHayes) December 5, 2023
Solana-based DeFi platform Jito initiates a $225 million airdrop, despite a 58% JTO token value drop. Over 54 million JTO tokens were claimed, with more airdrops planned.
Chainlink and Cardano Are the Dark Horse
Chainlink (LINK) is poised for a potential rally with a rebound to $16, marking a 3% gain in the last 24 hours and targeting $20. Trading volumes surged by 50%, reaching $878 million. Santiment reports a Binance funding rate favoring long positions, reaching a four-week high. Analyst Ali Martinez notes LINK is trading above a crucial support zone, with 17,000 addresses acquiring 47 million $LINK in the $14.4-$14.8 range, suggesting a rebound to $20.
#Chainlink trades above a key support zone! Over 17,000 addresses bought 47 million $LINK between $14.4 and $14.8.
While this level may hold and trigger a rebound, you must watch out! ⚠️ Any signs of weakness could encourage investors to sell some of their #LINK holdings to… pic.twitter.com/T9I2FSegkn
— Ali (@ali_charts) December 7, 2023
Chainlink Staking v0.2 community pool is at full capacity, with 19 million LINK staked in 7 hours. Moreover, the General Access shall happen on December 11.
On the other hand, Cardano’s native cryptocurrency has surged 13% moving all the way closer to $0.50. With this, Cardano has extended its weekly gains top 30% and holds the chances of another 50% rally from here onwards before the month-end.
#Cardano is on track! ✅$ADA price movement is echoing its 2018-2020 trajectory, minus the COVID-19 downturn. If this pattern holds, we could see #ADA punching through the $0.45 resistance soon.
What's next? A potential rally to $0.75 by late December! https://t.co/aJ05l0sx3P pic.twitter.com/GJOPU6TfM7
— Ali (@ali_charts) December 7, 2023
According to cryptocurrency analyst Ali Martinez, Cardano’s trajectory is aligning with historical patterns from 2018 to 2020, excluding the impact of COVID-19. The current price movement suggests that ADA might break through the $0.45 resistance level. Looking forward, there is the potential for a rally, aiming for $0.75 by late December.