Solana’s SOL and Cardano’s ADA spearheaded a surge in cryptocurrency prices on Thursday, outpacing bitcoin’s ascent to over $45,000 and injecting fresh vigour into the crypto sphere.
SOL, ranked fifth by market capitalization, surged back above $100, recovering from a previous drop triggered by a five-hour outage on the Solana network. Currently trading at $102, it has seen a 5% increase in the last 24 hours. ADA surpassed even SOL, registering a 7% surge in the same period.
Solana printing a shaded squeeze area. This usually warns up of an extreme move incoming!
This is max pain move on Solana as everyone put on shorts while the chain was down. I tried to warn everyone to stay bullish 💯
LFG 🟢🟢🟢 pic.twitter.com/bFGS70GxVg
— Wick (@ZeroHedge_) February 8, 2024
These two coins stood out in the CoinDesk 20 Index (CD20), which tracks major crypto assets, as the only ones to exceed bitcoin’s 3% daily gain. The CD20 itself saw a 4% rise.
Renowned crypto trader Wick, known for his pseudonymous identity, hinted at further potential for SOL. Observing its recent price movements, Wick noted a chart pattern reminiscent of previous instances in October and December, which preceded significant market shifts.
“Solana is showing signs of a shaded squeeze area,” Wick remarked in a post on Thursday. “This often signals an imminent extreme move.”
While most other major cryptocurrencies trailed SOL and BTC, Caleb Franzen, founder of Cubic Analytics, expressed optimism about the broader altcoin market. He suggested that the exuberant sentiment from late last year has reset, creating a bullish outlook.
Franzen pointed to the total market capitalization of cryptocurrencies excluding BTC and ETH (TOTAL.3) as a gauge for altcoins on TradingView. He noted that it revisited a crucial accumulation zone and now indicates a rebound from oversold levels.
“This appears to be indicative of bullish price action,” Franzen commented in a post.
$TOTAL.3 broke above the accumulation zone, retested it, and is now showing signs of rebounding.
This seems like bullish price action… because it is!
The 30-day Williams%R Oscillator became oversold (briefly), proving the fact that sentiment in the altcoin universe was reset. pic.twitter.com/dosQb9mweb
— Caleb Franzen (@CalebFranzen) February 8, 2024
