{"id":419471,"date":"2024-08-31T18:30:44","date_gmt":"2024-08-31T13:00:44","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=419471"},"modified":"2024-08-31T13:28:14","modified_gmt":"2024-08-31T07:58:14","slug":"bitcoins-loss-could-be-solanas-gain-heres-why-187-target-may-be-in-sight","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoins-loss-could-be-solanas-gain-heres-why-187-target-may-be-in-sight\/","title":{"rendered":"Bitcoin&#8217;s loss could be Solana&#8217;s gain &#8211; Here&#8217;s why $187 target may be in sight"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">A bearish divergence appeared on BTC&#8217;s dominance chart<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">If SOL turns bullish, then it might target $187 in the coming weeks<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin&#8217;s [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> dominance has been rising for multiple weeks now, suggesting that altcoins might have to wait longer for a rally. However, the situation can change soon as a bullish divergence seemed to appear on the charts. This might allow altcoins like <\/span><a href=\"https:\/\/ambcrypto.com\/category\/Solana-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Solana [SOL]<\/span><\/a><span style=\"font-weight: 400;\"> to gain bullish momentum soon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hence, it&#8217;s worth taking a look at the odds of an altcoin summer.\u00a0<\/span><\/p>\n<h2><b>Bitcoin dominance to fall soon?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">BTC dominance has consistently remained well above the 50% mark. Whenever this metric rises, it indicates that the chances of altcoins gaining upward momentum are low. At press time, BTC&#8217;s dominance <\/span><a href=\"https:\/\/coinstats.app\/btc-dominance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">sto<\/span><\/a><span style=\"font-weight: 400;\">o<\/span><a href=\"https:\/\/coinstats.app\/btc-dominance\/\"><span style=\"font-weight: 400;\">d<\/span><\/a><span style=\"font-weight: 400;\"> at 54%, as per <\/span><a href=\"https:\/\/coinstats.app\/btc-dominance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinStats<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, AMBCrypto\u2019s assessment of the Altcoin Season Index revealed that the indicator had a reading of 20. Generally, a value under 25 hints at a Bitcoin season.\u00a0<\/span><\/p>\n<figure id=\"attachment_419472\" aria-describedby=\"caption-attachment-419472\" style=\"width: 2552px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-419472 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM.png\" alt=\"Altcoin season index\" width=\"2552\" height=\"714\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM.png 2552w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM-300x84.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM-1024x286.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM-768x215.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM-1536x430.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM-2048x573.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.35.37\u202fAM-1200x336.png 1200w\" sizes=\"(max-width: 2552px) 100vw, 2552px\" \/><\/a><figcaption id=\"caption-attachment-419472\" class=\"wp-caption-text\">Source: Blockchain Center<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, the situation might change soon. CryptoBullet, a popular crypto analyst, recently shared a <\/span><a href=\"https:\/\/x.com\/CryptoBullet1\/status\/1829474267399852256?t=T0CyWgFfq5dOOzFc9VmM3A&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting a bullish and bearish divergence on BTC&#8217;s dominance chart. As per the same, while BTC&#8217;s dominance increased, a bearish divergence appeared on the Relative Strength Index (RSI) chart.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This might indicate a possible dip in the cryptocurrency&#8217;s dominance going forward. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interestingly, the opposite happened in late 2021, with the same resulting in a hike in BTC dominance in subsequent months. If the bearish divergence pattern is tested, then investors might soon seen altcoins flourish across the board.\u00a0<\/span><\/p>\n<figure id=\"attachment_419473\" aria-describedby=\"caption-attachment-419473\" style=\"width: 2176px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-419473 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM.png\" alt=\"\" width=\"2176\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM.png 2176w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM-300x179.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM-1024x612.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM-768x459.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM-1536x918.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM-2048x1224.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM-400x240.png 400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-31-at-10.37.43\u202fAM-1200x717.png 1200w\" sizes=\"(max-width: 2176px) 100vw, 2176px\" \/><\/a><figcaption id=\"caption-attachment-419473\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<h2>Will Solana benefit from this?<\/h2>\n<p><span style=\"font-weight: 400;\">Since a drop in BTC dominance might result in an altcoin rally, AMBCrypto planned to check Solana&#8217;s state to see whether it showed any signs of a bull rally. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, SOL&#8217;s value dropped by over 10% in the last seven days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, it was trading at $138.57 with a market capitalization of over $64 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bad news was that SOL&#8217;s trading volume spiked while its price dropped, which legitimized the downtrend. The token\u2019s weighted sentiment also plummeted sharply, meaning that bearish sentiment around SOL was dominant.<\/span><\/p>\n<figure id=\"attachment_419474\" aria-describedby=\"caption-attachment-419474\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024.png\"><img decoding=\"async\" class=\"wp-image-419474 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024.png\" alt=\"Solana's open interest dropped\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Solana-SOL-10.41.03-31-Aug-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-419474\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Nonetheless, SOL\u2019s Open Interest dipped. Usually, a drop in this metric indicates that there are chances of the ongoing price trend changing. Therefore, AMBCrypto checked SOL\u2019s daily chart to find out what the technical indicators suggested. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Money Flow Index (MFI) registered a downtick, hinting at a sustained price drop. If that happens, then investors might seen SOL dropping to $127.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SOL Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">On the contrary, the Chaikin Money Flow (CMF) went north. Additionally, if BTC dominance falls, then SOL might as well turn bullish. In the event of a bullish takeover, SOL might target $163 before it begins its journey towards $187.\u00a0<\/span><\/p>\n<figure id=\"attachment_419475\" aria-describedby=\"caption-attachment-419475\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47.png\"><img decoding=\"async\" class=\"wp-image-419475 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47.png\" alt=\"\" width=\"2560\" height=\"1375\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/SOLUSD_2024-08-31_10-46-47-1200x645.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-419475\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>SOL could be the key beneficiary if an important Bitcoin metric falls on the charts. <\/p>\n","protected":false},"author":75,"featured_media":419476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,66,3,4,6376,20],"tags":[6427,6428],"class_list":["post-419471","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-new-news","category-news","category-social","category-solana-news","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - 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