In a remarkable shift within the cryptocurrency sector, a surprising trend has emerged, with altcoins such as SOL (Solana ), MATIC (Polygon ), and ADA (Cardano ) outperforming Bitcoin (BTC) despite being labeled as securities by the U.S. Securities and Exchange Commission (SEC).
This unexpected development has captured the attention of the investment community, as these altcoins lead the market, defy expectations, and gather momentum. Will their surge continue while Bitcoin remains stable?
Bitcoin’s price has recently surged, breaking out from a descending triangle to achieve a new yearly high. The latest uptrend commenced on October 12 at $26,500, peaking at $38,000 on November 9, marking a remarkable 43% increase. While our analysis indicates the possibility of further gains, it’s important to note that we may be approaching the tail end of this uptrend, which commenced last November. A substantial correction is foreseen as this phase concludes.
Following a minor breakout on November 6, Bitcoin’s momentum has temporarily halted, indicating a probable upward movement in the near future. The next significant resistance zone for BTC stands between $38,800 and $40,300, hinting at a potential interaction in the coming days. We anticipate Bitcoin to sustain its upward trajectory by around 8% from current levels before a substantial correction, possibly retracing to approximately $25,000.
On the contrary, MATIC has made a significant breakthrough by surmounting its major descending resistance, heralding the commencement of a bullish cycle. Since October 12, MATIC has surged by 85%, now priced at $0.93. It continues on its upward path, with the next resistance zone around $1 on the horizon, pointing to an additional 18% increase from its present level.
ADA demonstrated a robust recovery, bouncing back impressively from a notable support level at $0.23 on October 19, It then marked a 65% climb to $0.40 by November 11. While it is presently trading slightly below that level, ADA maintains its upward trajectory. It appears poised to approach its upper range of approximately $0.42, potentially offering a 16% increase from its current value.
Bitcoin is approaching another peak in its uptrend, while featured altcoins show even greater upward potential. This divergence results from Bitcoin’s earlier market leadership and recent altcoin momentum. Altcoin chart analysis shows their mid-October uptrends have been more dynamic than Bitcoin’s.