Altcoins Take Charge of the Crypto Market Rally

The broader cryptocurrency market has displayed a strong show over the weekend with the Bitcoin (BTC) price rallying close to $70,000 and altcoins taking

Bitcoin (BTC) price displayed a strong show over the weekend, rallying close to the $70,000 levels. The altcoins took the lead in a fresh crypto market rally. Notably, Ethereum (ETH) price led the alt space with 3.72% gains in the last 24 hours, shooting up to $2,750 levels. Among other alts, participation was seen from SOL, ADA, SUI, LINK, and others.

Related Reading: Bitcoin Options Chain Shows Majority Of Traders Expect BTC Price To Rally After US Elections

Solana (SOL) Price Rally Continues Aiming For $210 Levels

After holding strongly to $2,600 levels during the past week, market analysts believe that the ETH price has largely bottomed with 11 weeks of accumulation and is heading for a rally to $3,000 and above. Also, with Donald Trump’s odds of winning the next US Presidential election on the rise, investors are cheering with a broader crypto market rally.

The technical chart by Crypto McKenna shows that ETH is forming an inverse head and shoulders pattern. Hence, it could continue its rally further to $3,000, and a further breakout above this could trigger a rally to $4,000 levels.

A clear view of the technicals forming on the ETH 4-hr chart by McKenna. Source: Crypto McKenna / TradingView

On the other hand, Solana has extended its rally with an additional 6.39% gain and is moving all the way to $170. levels. For the past several months, the SOL price has remained range bound between $130-$210. Popular crypto analyst Peter Brandt stated that the SOL is forming a cup and handle pattern on a multi-year chart. Thus, a breakout above $210 would set the stage for the Solana price rally.

Solana (SOL) Price Rally In 2024 On A Higher Time Frame Chart, noted by Brandt. Source: Peter Brandt / Twitter

SUI Price Rally To Continue From $2 Support Levels

Another altcoin joining the crypto market rally, and everyone’s favorite recently, is SUI. While comfortably taking support at $2.0, the SUI price has reversed its trajectory and is currently trading 33.88% up at $2.15. The SUI price, which is already up by a staggering 460% over the past year, is set to continue to rally further to $2.60, noted crypto analyst Ali Martinez. He added that as long as SUI holds $2.0 and reverses its trajectory, it will continue to rally to $2.60.

$SUI remains within a rising parallel channel, signaling a possible bounce that could push it to $2.60! Keep an eye on the key $2 support level, though, for any potential trend shifts. pic.twitter.com/mM9iyFaYNW

— Ali (@ali_charts) October 20, 2024

World’s Largest Crypto Bitcoin (BTC) To Hit New All-Time High?

The world’s largest crypto Bitcoin (BTC) has staged a strong recovery with more than 7% gains over the past week being very much part of the crypto market rally. However, the BTC price still needs to clear past the $70,000 resistance to hit a new all-time high in October.

On the other hand, the Bitcoin futures open interest is surging pretty fast showing that investors continue to remain bullish over the long term. Last week, the US spot Bitcoin ETFs netted more than $2.4 billion in weekly inflows amid the growing optimism and outlook ahead of the US elections.

Republican candidate Donald Trump is openly pro-crypto, with Bitcoin often being considered a “Trump trade”. David Lawant, head of research at crypto prime broker FalconX said, “The Bitcoin options market indicates that “forward implied volatility is heavily clustered around the election day and somewhat subdued leading to it and some time after it”.

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