Altcoin Rally: Ethereum (ETH) And Solana (SOL) Set To Dominate Crypto Market?

The crypto market has experienced a strong bullish price action within the past day, resulting in the BTC price surpassing the $65,000 mark. Moreover, the leader of altcoins, ETH price, successfully reclaimed the $3,000 mark, indicating an increase in the bullish sentiment in the crypto space.

On the other hand, the Solana token has successfully breached its important resistance level of $155.25 by adding 14.26% to its portfolio within the past 24 hours. With a fresh inflow of bullish sentiment in the crypto market, will top Layer-1 (L1) tokens outperform the crypto space this month?

Ethereum Token On The Verge Of A Major Breakout:

After recording a significant bullish price action by adding 80.80% during February, the ETH price faced rejection at $4,094.75 on 12th March. Since then, the price has been trading under a falling channel pattern in the 1D time frame, indicating a strong bearish sentiment in the crypto space.

However, following the market rebound, the Ethereum price has successfully regained the $3,000 mark. Moreover, the price is on the verge of breaking out of the resistance trendline, highlighting increased buying pressure in the crypto market.

The technical indicator, MACD, shows a constant flatline in the 1D time frame, indicating a weak price action for the leader of altcoins in the market. However, the averages display a bullish convergence, suggesting a positive outlook for the ETH price in the coming time.

If the market holds the price above the support level of $3,000, the bulls will prepare to test its resistance level of $3,250 in the coming time. However, bearish price action will pull the price below its crucial support level of $3K this week.

Solana Price Hints Bullish Price Action:

The SOL coin price has been constantly displaying a higher low in its chart, indicating an increase in the buying-over-selling pressure in the crypto market. Moreover, the price is on the verge of breaking out of its resistance zone, highlighting a bullish outlook for the altcoin.

The Moving Average Convergence Divergence (MACD) shows a constant rise in the green histogram, highlighting an increase in the buying-over-selling pressure in the crypto industry. Furthermore, the averages display a bullish curve, suggesting the price will continue gaining value in the coming time.

If the bulls surpass the resistance zone, the Solana price will experience a breakout rally and attempt to test its upper resistance level of $200. Negatively, if the bears regain momentum, the SOL price will plunge toward its lower support level of $126.75 this month.

On-chain Analysis:

At the time of writing, the Total Value Locked (TVL) on the Ethereum chain was $131.959 Billion, a change of +3.47% from $127.528 Billion yesterday. On the other hand, the Solana chain has a TVL of $10.556 Billion with a rise of $900 Million (+9.32%) within the past day.

Furthermore, the Ethereum chain has added $8.516 Billion (6.89%) since the month started, whereas the Solana chain has added $2.043 Billion to its valuation during the same time.

Presently, Ethereum has 386,161 active addresses with 1.2m TXs on its chain. On the other hand, the Solana chain has 841,149 active addresses, 117.82% more when compared with Ethereum and 27.52 TXs on its chain.