The Open Interest behind Cardano revealed an interesting trend.
The Tether Dominance chart showed that further gains were likely.
Bitcoin [BTC] bulls have applied a lot of pressure in the past five months. Notably, Bitcoin ETFs have spurred prices near the all-time highs. In turn, this has led to a massive influx of capital into the altcoin market. In a post on X (formerly Twitter), Santiment observed that the altseason hadn’t slowed down this weekend. The meme coins saw triple-digit rallies over a few days, but the large-cap coins have also done well.
Taking a closer look at major cap coins in an uptrend
Among the top 10 cryptos by market capitalization, Cardano [ADA] and Solana [SOL] have the best performance over the past seven days — excluding Dogecoin [DOGE] which has gained 64%.
ADA rallied 23.82% over the past week, while SOL stood at 24.97% in gains.
AMBCrypto looked at some relevant metrics on Santiment. The Weighted Sentiment behind Solana had been persistently negative throughout February. This changed over the past couple of days.
On the other hand, ADA saw more bullishness on social media in the past month.
The Open Interest behind SOL continued to trend upward. The recent dip saw the OI fall slightly too, but overall the sentiment was strongly bullish.
In contrast, ADA saw a peak in OI form on the 18th and 19th of February. Since then, the OI has trended downward even though prices climbed higher.
This suggested that speculators were not convinced by ADA, even though it performed strongly over the past month.
Swing traders could watch out for a shift in the OI trend and look to capitalize on the next move upward.
Tether’s dominance continued to plummet
Source: USDT.D on TradingView
In a recent report, AMBCrypto noted that the Tether Dominance’s fall below 4.9% could see Bitcoin rally to the $58k resistance. The past week saw this come true, and BTC rallied well past the $58k level.
SOL and ADA also posted impressive gains, as mentioned earlier.
With the Dominance below the 4.9% level, it is projected to continue its descent at least as far as the 3.77% support level.
Hence, Solana and the altcoins could run for a while longer, and Bitcoin could witness gains as well.
