- SOL has recently approached and tested a significant support level at $20, indicating a 52% price surge.
- Institutional indicators such as RSI also point to SOL being relatively cheap, which aligns with the bullish bias.
- While the current technicals may be promising, there could be general and external market forces that may affect SOL.
Recent trends in the altcoin market have led traders into a debate on whether there is a possibility of an altcoin rally, with some coins portraying bullish signals. In terms of technical analysis, one cryptocurrency, OMNI, has been of major interest to the analysts in the recent past. While there have been instances where OMNI has reported underwater positions in the recent past, there are fundamental indices that may point to a reversal.
The #Altcoin markets are reversing.
I’m positioned into $OMNI (and under-water), but it’s showing a:
– Daily bullish divergence.
– Reclaiming the level of early August.Expect to see a run of 2-3x in the coming 2-3 months against $BTC value –> the most important metric. pic.twitter.com/uM9v1NosnL
— Michaël van de Poppe (@CryptoMichNL) September 5, 2024
A daily bullish divergence coupled with a retest of the early August price has set OMNI up for further upside against Bitcoin (BTC) through the coming months. Traders are now looking forward to a possible 2-3x OMNI’s BTC value in the next two to three months.
On the daily chart, OMNI demonstrated this difference, suggesting potential price reversal. In addition, the cryptocurrency has been able to regain a key level that it had only touched during the beginning of August. This implies that the market may get new buying interest and hence lay the foundation for higher prices.
Bullish Divergence and Reclaiming Key Levels
On the daily chart, the stock of OMNI demonstrates this split and suggests a reversal of price. Moreover, the cryptocurrency has been able to regain a crucial level that it had only attained in the first week of August. This implies that it could witness a revival of buying interest, an indication that could lead to an increased price gain.
In addition, the cryptocurrency has been able to regain a key level that it had only touched during the beginning of August. This implies that the market may get new buying interest and hence lay the foundation for higher prices.
Expected Rally Against Bitcoin Value
The relative performance of OMNI against BTC is considered the most important factor to determine its possible growth. Based on the current analysis, one can expect BTC ‘s rate to increase by 2-3 times in the near future for OMNI. If the current support level holds and markets remain favorable for altcoins, analysts expect a stronger bull run.
While positive signals are sustained, it is still possible to meet fluctuations in the market rates. The price of cryptocurrencies: depends on various external factors, including market conditions and macroeconomic factors. As far as technical structure is concerned OMNI looks good for traders; however, traders should keep in mind that everything could turn in a blink of an eye.