4 Layer 1 Altcoins Go Parabolic as Bitcoin Miner Capitulation Eases

Tier 1 altcoins saw a significant correction in June, after Bitcoin fell to $60,000. This slowdown was largely due to Bitcoin miners selling to cover operational costs and large outflows from US-based ETFs.

However, selling pressure began to ease last week, allowing Bitcoin to recover from the $60,000 mark and allow altcoins to establish local floors.

Additionally, a renowned trader, CryptoDan, noted a positive change that could herald a bullish market recovery in Q3 2024. X’s recent article highlighted:

“The amount of Bitcoin sent by miners to exchanges for sale has decreased significantly since May.”

“The OTC trading desk volume used by miners for selling purposes was piling up as they were unable to find a buyer until recently, but on June 29, the OTC trading desk volume was completely consumed. It is highly likely that someone showed up to buy their Bitcoin.”

Given these developments, here are some upper layer 1 cryptos Investors may be looking at potential gains in the next post-correction rally.

Read also : Altcoin News: Institutions Buy Solana, XRP, and 2 Other Altcoins

• Tier 1 Altcoins – Solana (SOL)

Solana (GROUND) is a high-performance blockchain designed to support decentralized applications (DApps) and cryptocurrencies.

Solana (SOL) | Tradingview

Over the past three months, the Solana Price has been moving sideways within the formation of a symmetrical triangle pattern. Converging trendlines as dynamic resistances and supports support this consolidation until SOL price is ready to break out.

Amid the market rally, SOL price bounced off the lower trendline at $122 and surged 21.5% to trade at $148.2. This rally was also bolstered by VanEck and 21Shares’ recent S-1 filing with the U.S. SEC for a Solana Exchange Traded Fund (ETF).

A potential breakout of the triangle pattern would accelerate the buying momentum and set Solana price to target the $210 mark, followed by $354.

Read also : Could Solana emulate Ethereum and hit $1,000? Analysts weigh the pros and cons

Cardan (ADA) is a proof-of-stake blockchain platform distinguished by its foundation in peer-reviewed research and development using evidence-based methods.

Cardano (ADA) | Tradingview

Under the influence of a falling wedge pattern, ADA price has seen an aggressive correction over the past three months. The bearish reversal caused the asset to drop from $0.81 to $0.357, registering a loss of 55.9%.

As the market as a whole experiences an easing of supply pressure, ADA Awards The stock jumped 13% to $0.4, bringing its market cap to $14.4 billion. Buoyed by a 3.21% intraday gain, buyers challenged the wedge pattern’s resistance trendline.

A potential breakout of this pattern could signal the end of the correction phase, allowing buyers to push the price beyond the $0.8 mark.

Read also : Cardano’s Charles Hoskinson, Ripple Ex-Man Slam Biden’s Dementia

avalanche (AVAX) is a high-performance blockchain platform distinguished by its unique architecture designed to address the scalability and flexibility issues typically associated with previous generations of blockchains.

Amidst the ETF mania, rumors of an AVAX spot ETF have been spreading across the cryptocurrency market, positively impacting the value of the Avalanche coin. On May 24, AVAX bounced from a support level of $23.5 and surged 26.3% to reach $29.75. According to CoinMarketCap, Avalanche now holds a market cap of $11.73 billion, with a 24-hour trading volume fluctuating around $321.7 million.

The recent price action marks a bullish breakout of the descending trendline of the falling wedge pattern. If this reversal pattern proves accurate, the AVAX Price could potentially challenge its previous high of $65.37 again.

Read also : Avalanche Price Is Moving; How High Can It Go?

Hedera (HBAR) is a public network that uses the unique Hashgraph consensus algorithm, offering a new alternative to traditional blockchain technology.

Hedera (HBAR) | Tradingview

Over the past two weeks, the HBAR Awards Bitcoin price is moving sideways, trying to hold above a multi-month support trendline at $0.073. Daily charts show lower price rejection candles, indicating increased demand at this support level, which reinforces the potential for a reversal.

At press time, Hedera coin has a market cap of $2.73 billion, while trading volume has jumped 63.75% since yesterday to $45.9 million.

If the market sees renewed buying pressure, HBAR could break above the $0.085 resistance, signaling an early reversal. A successful breakout could further encourage buyers, with targets set at $0.12 and $0.14

Key takeaways

The cryptocurrency market has seen a reduction in supply pressure as the volume of Bitcoin sent by miners to exchanges for sale has decreased. This change has allowed altcoins to find suitable support levels and prepare for a bullish reversal. As the market enters a post-correction rally phase, Bitcoin price is eyeing a new high, providing new buying opportunities on top Layer 1 altcoins.

Related Articles

Fuente