- Crypto Banter believes that ETH, DOGE, and SOL are set for a rally following yesterday’s FOMC meeting.
- The popular crypto trader is anticipating the altcoin rally amid BTC’s declining dominance.
- While ETH and DOGE saw negligible growth, SOL gained more than 3% over the past 24 hours.
Popular crypto trader Sheldon Sniper believes that yesterday’s Federal Open Market Committee (FOMC) meeting has set the stage for an altcoin rally. The trader told his followers in a YouTube video earlier today that Ether, Dogecoin, and Solana are among the top altcoins that are poised for bullish price action in the near future.
Bitcoin gained a little over 1% following yesterday’s interest rate hike. However, leading altcoins including Ether and Solana managed to register better gains than BTC. Data from CoinMarketCap showed that ETH gained over 1.5%, while SOL and leading meme token DOGE gained 3.1% and 2.5% respectively.
The latest FOMC meeting was held between July 25 and July 26, which was followed by the United States Federal Reserve announcing an interest rate hike of 25 basis points. The crypto community was closely following the announcements, given its historic significance in the context of BTC’s price. The flagship cryptocurrency’s reaction to FOMC is known to dictate the price movements of altcoins.
According to Sheldon Sniper, Bitcoin’s dominance took a hit following the FOMC meeting, which paved the way for top altcoins to rally. The crypto trader’s technical analysis revealed that SOL recently bounced off a key support zone, and may be due a strong rally. “Solana is one of the strongest altcoins right now,” the trader stated.
As for DOGE, the crypto trader stated that he expects it to soar as high as $0.11. According to him, the meme token recently broke past key trend lines, and pending a slight pullback, it will witness a sharp price rise. The trader added that a rally could also be triggered by a tweet from a high-profile influencer.
Sheldon’s analysis of ETH/BTC’s 8-hour chart suggested that the leading altcoin could see a significant price rise if it manages to break past the resistance zone at $0.064. At the time of writing, ETH was trading at $1,875.
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