- Ethereum breakout above $5K could trigger a major altcoin rally.
- Solana shows strength, rebounding near $185 amid market consolidation.
- SHIB and DOGE face pressure, but accumulation by long-term holders persists.
Market analyst Ash Crypto notes that the largest altcoin gains tend to follow new Ethereum highs, citing 2021 when ETH breakouts preceded strong runs in MATIC, MANA, SHIB, DOGE, and SOL.
The market now watches $5,000 on ETH as the next trigger. Altcoins consolidate and wait for a directional signal from Ethereum, which remains the key risk barometer for breadth.
Altcoin Market Eyes Ethereum for Direction
Currently, altcoins are consolidating and eagerly awaiting clear signals from Ethereum’s price action. For instance, Polygon (POL) has faced a recent decline of 1.79%, now trading at approximately $0.1884. This drop comes after failing to maintain gains above the significant $0.21 resistance level.
Polygon is currently trapped in a tight range between $0.18 and $0.21, demonstrating a lack of momentum and diminishing volume. Maintaining support above $0.18 is crucial to avert further declines toward the $0.17 mark.
Related: 5 Signs That Tells Altseason Is About to Commence—What Are They?
In a similar fashion, Decentraland (MANA) has experienced a drop of over 6% this week, trading around $0.226. The token is testing a critical support area near $0.22, where buyers are working to stabilize the downturn. A decisive recovery above $0.25 would be necessary to restore momentum; otherwise, failure to hold at $0.22 could push prices down to $0.20.
Meme Coins Face Pressure but Accumulation Persists
Turning to meme coins, Shiba Inu (SHIB) has fallen 4.46% in the past week, now hovering around $0.000009789. This decline has marked a loss of short-term bullish momentum, indicated by trading below major moving averages.
However, while SHIB faces this pressure, a subtle increase in market capitalization hints that long-term holders are still accumulating. If it can hold above $0.0000095, there is potential for a rebound toward $0.0000103 in the near term.
Similarly, Dogecoin (DOGE) remains under pressure, currently down 1.45% at $0.1866. The vital support level at $0.18 is holding, but momentum has dulled since the failed breakout above $0.21. A strong daily close above that level could pivot sentiments back to bullish, potentially targeting $0.24.
Solana Stands Out Amid Market Calm
Among the major altcoins, Solana (SOL) has shown relative strength, trading near $185 after successfully rebounding from a low of $183. The token’s stability within the $180–$200 range reflects ongoing accumulation despite the general market consolidation. A breakout above the $200 threshold would not only confirm a renewed bullish momentum but could also signal the early stages of an altseason if Ethereum manages a decisive breakout above the coveted $5,000 mark.
Related: Altseason 2025 Setup Builds as Bitcoin Dominance Slows, Analysts Eye Rotation
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