Markets
Are Ethereum (ETH) and Solana (SOL) expected to dominate the crypto market?
The crypto market has experienced strong bullish price action over the past day, resulting in the BTC Price surpassing the US$65,000 mark. Furthermore, altcoin leader ETH price has successfully reclaimed the $3,000 mark, indicating an increase in bullish sentiment in the crypto space.
On the other hand, the Solana token successfully broke its important resistance level of $155.25, adding 14.26% to its portfolio in the last 24 hours. With a new influx of bullish sentiment in the crypto market, will top Tier 1 (L1) tokens outperform the crypto space this month?
Ethereum Token on the Verge of a Major Breakout:
After recording significant bullish price action, adding 80.80% during February, the Ethereum Price faced rejection at $4,094.75 on March 12. Since then, the price has been trading under a descending channel pattern on the 1D timeframe, indicating strong bearish sentiment in the crypto space.
TradingView: ETH/USDT
However, after the market recovery, the Ethereum Price It successfully recovered the $3,000 mark. Furthermore, the price is about to break the resistance trendline, highlighting increased buying pressure in the crypto market.
The technical indicator, MACD, shows a constant flat line in the 1D time frame, indicating weak price action for the market leader altcoins. However, the averages show an upward convergence, suggesting a positive outlook for the ETH price in the near future.
If the market holds the price above the $3,000 support level, the bulls will prepare to test its $3,250 resistance level in the coming time. However, bearish price action will pull the price below its crucial $3K support level this week.
Solana Price Suggests Bullish Price Action:
O SOL coin price has been consistently displaying a higher low on its chart, indicating an increase in buying pressure over selling in the crypto market. Furthermore, the price is about to break out of its resistance zone, highlighting a bullish outlook for the altcoin.
TradingView: SOL/USDT
The Moving Average Convergence Divergence (MACD) shows a steady increase in the green histogram, highlighting an increase in buying pressure over selling in the crypto industry. Furthermore, the averages present an upward curve, suggesting that the price will continue to gain value in the coming times.
If the bulls break above the resistance zone, the Solana Price will experience a rally and try to test its upper resistance level of $200. Negatively, if the bears regain momentum, SOL price will dive towards its lower support level of $126.75 this month.
On-chain analysis:
At the time of writing, the total value locked (TVL) on the Ethereum chain was $131.959 billion, a +3.47% change from yesterday’s $127.528 billion. On the other hand, the Solana network has a TVL of US$10.556 billion, with an increase of US$900 million (+9.32%) in the last day.
Source: DefiLlama
Furthermore, the Ethereum network has added $8.516 billion (6.89%) since the beginning of the month, while the Solana network has added $2.043 billion to its valuation during the same period.
Currently, Ethereum has 386,161 active addresses with 1.2 million TXs on its chain. On the other hand, the Solana network has 841,149 active addresses, 117.82% more when compared to Ethereum and 27.52 TXs on its network.