Crypto analyst Ali Martinez predicts that altcoins are on the verge of surpassing Bitcoin (BTC), with Dogecoin (DOGE) potentially poised to benefit from this shift.

In a recent post to his 71,900 followers on the social media platform X, Martinez highlighted that Bitcoin’s dominance—an indicator that measures BTC’s market capitalization compared to the broader cryptocurrency market—is approaching the end of a rising wedge pattern. This formation is typically interpreted as a bearish signal if the price falls below its support line.

At the same time, Martinez noted that the OTHERS chart, which tracks the performance of all cryptocurrencies except stablecoins and the top ten coins, is currently breaking free from a falling wedge pattern. This chart is a crucial tool for gauging the performance of altcoins.

Martinez stated, “Things are getting interesting! Bitcoin dominance is showing signs of a potential breakdown from a rising wedge, while the altcoin market cap is breaking out of a falling wedge. Altcoin Season is just around the corner!”



Source: Ali Martinez/X

As of now, the OTHERS chart is valued at $212.494 billion, significantly above the resistance level indicated by the pattern.

Focusing on Dogecoin, the largest memecoin by market capitalization, Martinez suggests that DOGE is also gearing up for a rally. He believes that DOGE is on the brink of a breakout, coinciding with a trend reversal in the relative strength index (RSI), which measures an asset’s momentum.

“Dogecoin is gearing up for a bullish breakout! One of the two conditions has been met: the RSI has broken the descending trendline on the daily chart. Now we need DOGE to surge past the $0.11 resistance!”



Source: Ali Martinez/X

Currently, DOGE is trading at $0.107.

Regarding Solana (SOL), Martinez warns that the Ethereum (ETH) competitor could face a significant correction—a potential drop of 40% to $85—if it fails to surpass the $154 level.

“Solana needs to break through $154 soon; a rejection at this level could trigger a correction, with $85 as the next critical support.”



Source: Ali Martinez/X

At present, SOL is valued at $146.49.

Don’t Miss a Beat – Subscribe to receive email alerts directly to your inbox.
Check Price Action.
Follow us on X, Facebook, and Telegram.
Surf The Daily Hodl Mix.

**Disclaimer:** The views expressed in The Daily Hodl do not constitute investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses you incur are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Note that The Daily Hodl engages in affiliate marketing.
Generated Image: DALLE3