Aaryamann Shrivastava
FXStreet
- Sistine Research highlighted Monero, Solana and Tron to be the altcoins that are close to a rally.
- Tron price has seen some significant growth since its bull run began in November 2022, rising by over 80% to date.
- All three assets share a high correlation with Bitcoin, suggesting their movement will be influenced by BTC.
When it comes to cryptocurrencies, most investors only focus on a few of the top assets, such as Bitcoin, Ethereum, Cardano, and, sadly, meme coins. However, there are other altcoins that can likely eclipse these assets and initiate a bull run very soon.
Solana and two other altcoins to watch out for
Research firm Sistine Research highlighted three assets that are close to initiating another leg of rally, provided they can manage to break out of their critical resistance levels. These assets were Monero (XMR), Solana (SOL), and Tron (TRX).
According to their tweet, XMR price against Bitcoin is very close to the critical barrier that has kept the altcoin trading under it since the beginning of May. If Monero manages to break the resistance, which stands at 0.005757 BTC, an uptrend is on the cards. However, a failed breakout and invalidation of 0.005577 BTC could lead to a decline.
Some potentially bullish charts for you.
— Sistine Research (@sistineresearch) October 12, 2023
XMR/BTC
SOL/BTC
SOL/USD
TRX/USD pic.twitter.com/Ml5fPu2Xdi
Similarly, in the case of Solana price, the breakout zone lies around $40, which marks the pre-FTX collapse double top. In order to do that, the altcoin would first have to reclaim the support at $25. However, the failure to do so could result in an invalidation of the ongoing uptrend and crash to $16.
The third asset, TRX, has been in an uptrend since November 2022, rising by more than 81%. However, the breakout zone for the altcoin lies at $0.125, far above its current trading price of $0.084. Furthermore, if the cryptocurrency loses the support of its uptrend line, the bullish thesis would be invalidated.
Bitcoin holds the key to their rallies
Even though these assets are bullish in nature at the moment, considering their price action, they are still dependent on Bitcoin for their movement going forward. The reason behind this is the high correlation they share with BTC. The correlation of Monero stands at 0.68, that of Tron is around 0.72, and Solana has the highest correlation of 0.93.
Correlation of Bitcoin with aforementioned altcoins
Thus, if Bitcoin price recovers, the chances of these altcoin rallies improve significantly. Similarly, the vulnerability of a crash for XMR, SOL and TRX will also intensify should BTC decline in the future.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Could Worldcoin price shoot up 45% ahead of OpenAI’s live stream on Monday?
Worldcoin has formed a double bottom around a key support level, suggesting a potential accumulation. If the OpenAI’s Monday live stream has a positive impact on Artificial Intelligence field, it could positively impact WLD and other AI-based tokens.
Here’s what needs to happen for The Graph price to revisit $0.422
The Graph price trades inside the $0.192 to $0.494 range. Investors need to wait for GRT to overcome $0.343 before being bullish on GRT. If successful, GRT could rally 50% and revisit the $0.422 hurdle. A decisive daily candlestick close below $0.192 will invalidate the bullish thesis.
SingularityNET price could bounce 30% if AGIX can hold this level
SingularityNET price has been consolidating around the bottom of the $0.903 to $1.475 range for nearly a month. With some AI-tokens showing signs of revival, AGIX needs to be enalyzed for potential breakout opportunities like Arkham (ARKM).
Arkham price primed for a recovery rally ahead of OpenAI’s announcement
Arkham price eyes a potential reversal as it clears key hurdles. ARKM likely to rally 27% if it can overcome $2.74 resistance level. A breakdown of $2.28 wil invalidate the bullish thesis for the AI-based token.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.