Ever since the launch of the Bitcoin ETF, the institutions have been accumulating the token heavily. As the price is ascending towards the ATH, these activities have been intensifying, and as a result, the total ETFs held by them have now surpassed the Bitcoins held by Satoshi Nakamoto. Due to this, the dominance of Bitcoin continues to surge and is reaching its previous highs, which suggests a breakout could be nearby.
Bitcoin dominance is peaking and is just 20% away from its highs at 70%. The market sentiments have spiked high and hence the levels are expected to rise for the next few days, which may elevate the BTC price towards new highs. However, the RSI suggests a diverse price action as it has reached the upper threshold for the first time. Therefore, an early breakdown may also be more viable. In such a case, the altcoins may begin to explode, triggering a strong altseason. Here are a few altcoins which may rise as soon as the dominance drops.
SEI (SEI)
SEI price has been consolidating within a decisive symmetrical triangle and is approaching the apex with a massive drop in volatility. The price is testing the crucial trend reversal zone, which is offering a strong base. Therefore, once the BTC dominance drops, the SEI price is expected to trigger a breakout beyond the resistance to reach $0.5 and maintain a strong ascending trend to reach $1.
Avalanche (AVAX)
The Avalanche price has been trading within a rising parallel channel and constantly testing the upper resistance and support levels. The RSI is bearish, which indicates the price is dropping to the support, which may further trigger a strong rebound. Once the price secures the levels at $30, a rise beyond $33 could be imminent. However, the start of the altseason may elevate the levels above $40 and further push the prices towards new highs.
Chainlink (LINK)
Chainlink price is trading within an ascending triangle and is about to reach the apex of the consolidation. However, the token may face another rejection that could drag the levels slightly lower. Regardless of the bearish influence, the LINK price is expected to rise and secure above $13, which may help the token break the upper resistance. Further, a rise above $15 could validate the start of a fresh upswing towards higher targets.
Maker (MKR)
While the markets were recovering, the MKR price maintained a steep bearish trend to mark the interim lows. Presently, the token experienced a huge influx of buying pressure, which triggered a huge rebound and a sustained ascending trend. Presently, the price trades above $1200 while the bulls aim towards a rise beyond $1700 in a short while. The start of an altseason may revamp a surge beyond $2500, which may begin a strong bull run.
Raydium (RAY)
The growing Solana ecosystem has elevated the RAY price towards the new highs. The price is forming constant higher highs and lows, suggesting the growing strength of the bulls. However, the volume that has drained remains a matter of concern, suggesting a continuation of an ascending consolidation.
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