Top altcoins to watch next week: Kaspa (KAS), Bonk, and Solana (SOL) could see a price breakout.
The Bitcoin market is experiencing rapid growth, with experts predicting that it could surpass $50,000 by next week. This upward trend has had a positive impact on altcoins, pushing them past current resistance levels, despite the sharp decline in their overall dominance. With Bitcoin’s continued buying momentum expected next week, altcoins like Kaspa, Bonk, and Solana are likely to experience significant breakout moves.
Altcoin dominance faces sharp decline
Recently, Bitcoin (BTC)’s buying confidence has soared and its value has surpassed the $50,000 level. This upward momentum has increased Bitcoin’s market dominance to over 53.5%, while simultaneously reducing the altcoin’s market share to less than 12.1%. As a result, market analysts are increasingly turning their attention to Bitcoin, predicting that this will be the main focus in the coming weeks.
Meanwhile, interest in altcoins appears to be waning, as seen in the Altcoin Seasonal Index chart. The index experienced significant declines, falling from a high of 67 to a recent low of 46, prolonging the anticipated arrival of altcoin season. Nonetheless, inspired by Bitcoin’s impressive performance, a number of altcoins are preparing for a potential breakout in the coming days.
Caspar (KAS) Price Analysis
Kaspa price is close to its all-time high, with momentum rising 44% over the past seven days. KAS price rebounded from the 20-day exponential moving average (EMA) to $0.103 and broke the $0.125 resistance level, invalidating the bearish descending triangle pattern.
Current momentum provides optimism as investors continue to break the immediate Fib channel. A price increase above $0.125 sets the stage for a retest of the $0.15 resistance level. A break above this level could accelerate the momentum of the KAS/USDT pair towards a rally towards a new ATH in the coming week.
On the other hand, a reversal from the current price or $0.15 could indicate profit taking at a higher level. If the price falls below the moving average, it could indicate that the pair may consolidate around $0.12.
Bonk Price Analysis
BONK price is also breaking out of its bearish consolidation and targeting another breakout next week. But now the bears are increasingly defending the surge.
BONK price is now well above the moving average and RSI is trading within overbought territory. This suggests a correction, but a bounce off the 200-day EMA could create another breakout momentum. In such a scenario, the BONK price could soar to $0.000017.
A price pullback from this level would mean that the BONK/USDT pair could continue consolidating within the bullish zone.
Solana (SOL) Price Analysis
Solana experienced a bounce from the moving average and the bulls attempted to push the price above strong overhead resistance at $116. However, the downtrend is protecting the $110 level. At the time of writing, SOL is trading at $109.1, down more than 0.4% from yesterday’s rate.
Achieving $110 would complete a bullish inverse head and shoulders pattern in Solana price, potentially leading to an initial surge to the $116 level, followed by an effort to reach the $126 target.
However, if the price declines sharply and falls below the EMA20 trendline, this bullish outlook could be invalidated, potentially leading to a decline towards $94-$100. At this lower level, buyers are expected to re-engage.