A closely followed analyst who accurately predicted last year’s Bitcoin correction before the halving believes that altcoins are on the verge of experiencing significant rallies and may outperform BTC.

Pseudonymous analyst Rekt Capital informs his 531,500 followers on the social media platform X that the altcoin market is currently in a phase where it is largely overlooked by most traders. However, the trader notes that the prevailing bearish sentiment is creating conditions for altcoins to initiate upward movements, leaving many traders on the sidelines.

“February has been a strong month for altcoins in both 2023 and 2024.

Could altcoins enjoy a robust February for the third consecutive year?

If that is the case, then altcoins should be nearing their ‘Lowest Hype’ levels before experiencing upward movements in the coming weeks.”


Source: Rekt Capital/X

Based on the trader’s chart, he appears to suggest that altcoins are offering prime entry opportunities for investors before they peak in April.

Focusing on Solana, the trader believes that SOL is in the process of converting a significant resistance level into support after closing the previous trading week at around $252.

“Solana has managed to not only reclaim its re-accumulation range but also break out from it.

It is on the verge of fully confirming a breakout from its re-accumulation range.

It just needs a weekly close above $250 followed by a potential post-breakout retest.”


Source: Rekt Capital/X

At the time of writing, SOL is trading at $260, above the trader’s weekly resistance level.

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