Following a tumultuous couple of weeks, investors in the crypto space were relieved by a bullish wave on Friday. The resultant modest gains across the board have contributed to a 2.6% increase in the market cap, bringing it to $1.67 trillion. Notably, altcoins such as Internet Computer (ICP), Solana (SOL), and Polygon (MATIC) have outperformed Bitcoin, which has seen its dominance drop to 48.2%. This shift is indicative of the belief that altcoins may continue to outperform BTC in the coming months as investors reallocate their returns.
Internet Computer (ICP) has experienced a significant resurgence after a challenging period. Following a downturn that saw the token fall below $10, a resurgence ensued as it reached $11.84 with a $122 million trading volume. The presence of a falling wedge pattern on the four-hour chart suggests a potential breakout, with a move above the yellow resistance band paving the way for a rally to $16 and beyond.
Solana (SOL), on the other hand, has seen a decline within a descending channel since late December. However, with the trend shifting from a downward trajectory and support expected from the 200 EMA and the 50 EMA, SOL is poised to make a comeback towards $100 and beyond.
Meanwhile, Polygon (MATIC) has bounced off support at $0.7 and is currently trading at $0.75. With the potential for a new trajectory towards $1, as evidenced by increased momentum and a consolidation between support at $0.7 and resistance at the 78.6% Fibonacci retracement level around $0.78.
As the crypto market continues to evolve, these altcoins present opportunities for investors to diversify their portfolios beyond the dominance of Bitcoin. With continued market developments and trends, it’s important for investors to stay informed and strategically position themselves for potential gains.
