The cryptocurrency market continues on a bullish trajectory, with Bitcoin (BTC) breaking the historical milestone of $100,000 particularly notable. With this milestone reached, altcoins have begun to shine as BTC's dominance wanes, currently accounting for 55.34%, down from a recent high of 61.53%.
The altcoins making headlines include Mina (MINA) and Synthetix (SNX), with weekly gains of 23% and 39%, respectively. As these tokens approach key breakout levels, traders are closely monitoring potential bullish movements.
MINA
Mina (MINA) has been consolidating within a descending triangle for over 2.5 years, a pattern that typically precedes significant price movements. Over the past week, MINA has risen by 23%, currently trading at $0.93, and testing its upper resistance trend line.
Breaking this resistance level, especially above $1.00, could trigger a strong rebound. According to current observations, a successful breakout could push MINA down to the next resistance level of $1.70, potentially leading to a 78% increase from the current price.
If momentum continues, MINA could aim for $3.57, representing a significant increase of 355% from current levels.
SNX
Synthetix (SNX) has recently achieved a significant breakout from a descending wedge pattern that persisted for three years. The token broke through the upward trend line at $2.09, pushing its price up to $3.22, and is currently testing a key resistance area.
If SNX successfully breaks through the level of $3.46, it could pave the way for a new bullish phase. According to analysts, this breakout could push SNX down to subsequent resistance levels of $5.13 and $8.17, indicating a potential price increase of nearly 150%.
In the long term, if this momentum continues, SNX could aim for $15.94, completing a full bullish reversal from previous lows.
Is a larger rebound on the horizon?
Both MINA and SNX are showing early signs of renewed bullish momentum, raising hopes for a significant rebound in the near future. The recent decline in Bitcoin's dominance has shifted market attention to altcoins, creating opportunities for tokens like MINA and SNX to shine. However, unlocking their full potential hinges on clearing key resistance levels. For MINA, breaking through $1.00 is crucial, while for SNX, breaking $3.46 will solidify its upward trajectory.
