Altcoins following 2016’s patterns – Good news for Solana?

are struggling to paint their charts green. However, if the macro perspective is to be considered, then things might turn bullish soon.highlighting an interesting development. The tweet rightly pointed out that altcoins have been following a pattern similar to that of 2016–17. During that time, the altcoin’s market cap consolidated near its 2012 market high for some time, before shooting up to new highs in 2017.

Similarly, in 2014, altcoins’ market cap was consolidating near its 2017 ATH. Therefore, if history repeats itself, investors might soon see altcoins, including SOL, hit new highs.AMBCrypto then planned to analyze SOL’s on-chain data to see whether it hinted at a bull rally in the coming days. As per our analysis of Santiment’s data, SOL’s weighted sentiment improved after dipping on 9 June.

This meant that bullish sentiment around the token rose over the last few days. Additionally, its social volume also remained high, reflecting its popularity in the crypto space.Apart from this, things in the derivatives market also looked pretty optimistic for Solana. We found that while SOL’s price dropped, its open interest also declined sharply.

A drop in this metric usually suggests that the chances of a trend reversal are high. Moreover, its funding rate also declined slightly. Generally, prices tend to move the other way than funding rates, further indicating a possible bull rally on the charts.Finally, we then took a look at SOL’s daily chart to see whether market indicators also supported the possibility of a bullish breakout. As per our analysis, its Relative Strength Index remained under the neutral level. Nonetheless, it did register a slight uptick.

Source: News Formal (newsformal.com)

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