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At the time of publication, Ethereum’s bullishness and uptrend seemed to have no end in sight, with the world’s biggest altcoin having surpassed the $4,000 level. Unfortunately, its effects on the rest of the altcoin market were also fading, with altcoins such as Solana and THETA failing to appreciate significantly as a result.
The world’s largest altcoin, at press time, thanks to its latest bullishness, was one of the market’s best performers this year with YTD returns of 492%. What’s more, its market cap was close to $500 billion too. In the last week alone, ETH climbed by 34% on the charts, despite Bitcoin continuing to remain well below the $60k-mark.
At the time of publishing, it was unclear when the Ethereum market’s long-overdue corrections would begin.
While the dotted indicators of the Parabolic SAR were under the price candles, driving the alt’s price higher, the Relative Strength Index was soaring towards 0.90 and was well into the overbought sector. If there is still some space for further upside, it is predicted to decline as soon as the RSI reaches its maximum. Buyers seemed to have the upper hand in the business right now.
The recent success of ETH has led to highly positive price estimates for the year, with one analyst predicting that the alt will reach $8,000 or $10,000 by the end of the year.
Solana was ranked 19th on CoinMarketCap’s charts at the time of publication, owing primarily to its price increase in April. May, on the other hand, has been a different matter, with the altcoin relegated to a narrow price band on the charts amid the overall bullishness of the altcoin sector. SOL fell almost 15% in the first few days of the month, and the cryptocurrency is yet to rebound at the time of publishing.
Surprisingly, considering the recent stagnation in SOL’s market activity, its quantities have stayed consistent throughout the month.
At the time of publication, SOL’s MACD line was just below the Signal line, emphasising the market’s bearishness. In the short term, a bullish crossover will be vital to the alt’s fortunes. Furthermore, the Awesome Oscillator was losing sales traction.
With SOL up 3,200% in four months, further gains are likely in the near future. Given the previously described bearishness on the price charts.
THETA’s market activity had stalled slightly within months of its explosive rise up the charts in March, as of press time. Despite the general bullishness of the industry, THETA, like SOL, has not been able to leverage and surge again. Though the alt had risen by 21% in the previous week, THETA’s market soon corrected.
Bollinger Bands were keeping their width, indicating that market fluctuations would likely stay stable in the short term. On the opposite, Chaikin Money Flow was going north of zero, indicating that capital inflows were finally picking up steam.
A new report noted that low trade volumes are still a source of concern. However, with the OBV still trending north, several bullish signs remain.