Crypto analyst Ali Martinez believes that altcoins are on the verge of outperforming Bitcoin (BTC). He sees Dogecoin (DOGE) as a potential beneficiary of this shift.
Martinez shared his insights with his 71,900 followers on X. He noted that Bitcoin dominance—measuring BTC's market cap against other cryptocurrencies—is nearing the end of a rising wedge pattern. This pattern is usually seen as bearish if the price drops below the support line.
At the same time, he pointed out that the OTHERS chart, which tracks all cryptocurrencies except stablecoins and the top 10 coins, is breaking out of a falling wedge pattern. This chart is a popular tool for assessing altcoin performance.
Martinez commented, “Things are getting interesting! Bitcoin dominance shows signs of a potential breakdown from a rising wedge, while the altcoin market cap is breaking out of a falling wedge. Altcoin Season is just around the corner!”
As of now, the OTHERS chart is valued at $212.494 billion, sitting well above the resistance level.
Looking at Dogecoin, the leading memecoin, Martinez believes DOGE is also gearing up for a rally. He suggests it is on the brink of a breakout, especially as the relative strength index (RSI)—which tracks momentum—has broken its descending trendline.
He stated, “Dogecoin is ready for a bullish breakout! One condition has been met: The RSI has broken the descending trendline on the daily chart. Now we need DOGE to surge past the $0.11 resistance!”
Currently, DOGE is trading at $0.107.
Regarding Solana (SOL), Martinez warns that the Ethereum (ETH) competitor risks further corrections. If it can't break through the $154 level, it may face a 40% dip down to $85.
He explained, “Solana needs to break through $154 soon. If it gets rejected at this level, a correction could happen, with $85 as the next key support.”
As of now, SOL is priced at $146.49.