Altcoins Set for Massive Rallies as Bitcoin Dominance Tops

The crypto market's recent correction has sparked optimism among traders, with one closely followed analyst predicting an "up only" phase for altcoins. Pseudonymous trader Crypto Kaleo, who has 682,500 followers on a social media platform, believes that the Bitcoin dominance (BTC.D) chart has potentially reached a local top, indicating that altcoins may soon outperform Bitcoin.

Kaleo suggests that multiple altcoins have hit their market bottoms and are gearing up for massive rallies. The trader believes that memecoin Pepe (PEPE) has hit its target and is ready for a bounce. According to Kaleo's chart, PEPE is expected to surge beyond $0.00001600 this month. At the time of writing, PEPE is trading for $0.00001019, up 10.3% in the last 24 hours.

The trader also predicts that Ethereum (ETH) competitor Solana (SOL) is on its way to $1,000 after dipping below the $200 mark. Kaleo suggests that SOL under $200 is a free opportunity to send it to $1,000+ resumes soon. At the time of writing, SOL is trading for $207, up 1% in the last 24 hours.

Kaleo also notes that layer-1 blockchain Avalanche (AVAX) may soon reclaim the $50 level as support. The trader expects this momentum to lead to a quick move to $50+ from here. At the time of writing, AVAX is trading for $27.43, down 6.3% in the last 24 hours.