The impressive growth of Bitcoin in 2024 has fueled a broader bull run across the cryptocurrency market. While BTC continues to dominate as the leading player, investors anticipate that its recovery could trigger an altcoin season, benefiting major layer 1 cryptos like Ethereum, Solana, and Cardano.
According to CoinGecko, the top layer 1 crypto contributes to a market cap of $856,5 Billion, while the 24-hour trading volume of $37.9 Billion.
Key Highlights:
- The Bitcoin price attempt to reclaim $100k should bolster bullish momentum in the altcoin market.
- The Ethereum price rally is 14% from a major breakout of an inverted head and shoulder pattern.
- A cup and handle pattern drives the recovery trend in layer 1 cryptos like Solana and Cardano.
Ethereum (ETH), Solana (SOL), and Cardano (ADA) are three prominent layer 1 cryptos with strong fundamentals and significant upside potential positioned to outperform Bitcoin in 2025. Here’s a price analysis on these assets projecting their upcoming breakout and key chart levels.
Ethereum (ETH)
Ethereum, the second-largest cryptocurrency by market capitalization, continues to lead the blockchain space with its robust smart contract capabilities. Its native crypto, ETH, recently bottomed its previous correction at $3,200 and surged 12.2% to trade at $3,600 currently.
The renewed recovery in a daily time frame chart showed the formation of a bullish reversal pattern called inverted head and shoulder. This chart setup is characterized by three distinct troughs, with the middle trough (head) being the lowest and the two outer troughs (shoulders) being higher and approximately equal in depth.
If the pattern holds true, the Ethereum price could surge 14% before offering a bullish breakout from the pattern’s neckline resistance at $4,100. A successful breakout will accelerate the buying pressure and set the asset to rally past the $6,000 barrier.
Solana (SOL)
Solana has emerged as one of the fastest blockchains in the industry, known for its low fees and high scalability. By press time, the native cryptocurrency SOL trades at $216, accounting for a weekly surge of 14%.
The bullish upswing on the weekly timeframe chart indicates the formation of a traditional reversal pattern known as the Cup and Handle. This pattern is characterized by a rounded “cup” shape followed by a smaller, downward-sloping “handle.”
Under the pattern’s influence, the SOL price is poised for a 22% surge before a breakout from the $263 neckline. A potential will signal a major trend reversal and chase a rally past the $500 psychological level.
Cardano (ADA)
Among the later 1 cryptos, Cardano is renowned for its focus on academic research and peer-reviewed development. Currently, the ADA price trades at $1.1 with an intraday gain of 15.5%.
Similar to Solana, the Cardano price chart shows the formation of cup and handle patterns in the daily chart. The cup signifies a period of consolidation with a U-shaped recovery, while the handle represents a short-term pullback or consolidation before the next breakout.
The ADA coin is 12% short from the $1.24 neckline breakout. A successful flip from this resistance will bolster buyers to drive past $2.25.
Also Read: How Miners Sentiment Affect Bitcoin Price Recovery for $120k High?