Near parabolic growth in the Solana and Avalanche ecosystem take place as Bitcoin dominance drops slightly. Is it altcoin season?
Solana (SOL) and Avalanche (AVAX) price lead among large-cap altcoins on Dec. 21 as Bitcoin (BTC) price hovers in the $43,400 range. The steady bullish momentum in altcoins comes after Bitcoin price failed to secure the $45,000 level, which has stood as resistance since the initial run-up on Dec. 5.
With $45,000 standing as the current resistance level, Bitcoin’s market dominance has also begun to pull back from 53.95% to 53.17% and as shown in the chart below, altcoin market dominance (TOTAL2) has risen concurrently.
Traders who use technical analysis typically view a combination of a drop in Bitcoin dominance and BTC range-bound trading or price consolidation as a possible sign that altcoin prices could break out.
