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In the last few days, Bitcoin has been on a rollercoaster ride. The coin recently dropped to $42,000 before surging to $47,000 a few days later. However, there are hints that a stronger bull market is coming.
For the first time since 2016, Bitcoin is attempting to create a bull cross. Meanwhile, Cardano (ADA), Solana (SOL), and Pullix (PLX) are altcoins that can benefit from this bull signal.
Bitcoin forms first bull cross since 2016
For the first time in eight years, the 21-period EMA is attempting to cross the 50-period SMA on the daily chart.
The last time this happened was in June 2016, culminating with the price of Bitcoin topping $20,000 by December 2017.
This is not the only bullish sign in the market. With spot Bitcoin ETFs approved and Bitcoin halving less than three months away, prices might continue rallying.
According to Standard Chartered, BTC may break above $200,000 by 2025.
If BTC rallies, top altcoins will likely follow suit.
Solana to hit $500?
Solana had an impressive rally in 2023, with its price increasing over 900% to trade above $100. While this growth is substantial, some indicators suggest Solana could see further gains.
The Moving Average Convergence Divergence (MACD) indicator and Solana’s positioning above its 200-day Exponential Moving Average (EMA) line both signal upside potential.
Considering the possibility of an overall crypto market rally, some analysts believe Solana’s price could surge above $500 in 2024.
Cardano has resistance at $1
Cardano has been capped below $1 since April 2023.
However, crypto analyst Ali Martinez predicts that the price of Cardano will soon exceed $1.
In his latest analysis, Martinez compared Cardano’s current price movement to 2018-2020.
Based on this comparison, he expects Cardano to breach $1.
According to his chart, Cardano’s bull run could propel it to $6.
Pullix may soar in 2024
In addition to Cardano and Solana, another decentralized finance (defi) coin showing significant upside potential is Pullix.
Whales have bought over $3.2 million worth of PLX and are excited about Pullix’s hybrid trading platform combining elements of decentralized exchanges (DEXs) and centralized exchanges (CEXs).
This platform provides anonymity, low fees, and fast transactions – offering traders an improved experience.
Another driver of interest is that Pullix provides access to multiple asset markets like ETFs, currencies, indexes, commodities, and cryptocurrencies.
This diversification opens up the massive over-the-counter and foreign exchange markets for Pullix.
The daily foreign exchange market alone sees over $6.6 trillion in volume.
This potential is why some analysts forecast PLX could surge in 2024.
PLX is currently available for $0.08.
Closing thoughts
As Bitcoin fuels the bull market, Pullix, Cardano, and Solana are worth considering. PLX has attracted over 3,000 holders, fueling bullish predictions.
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