Bulls pushed back and momentarily halted the increasing selling pressure impacting Cardano, Solana, and Ethereum. The altcoin market has been stabilizing during the last day, but fresh data points to potential issues within the short term.

As of this writing, Cardano (ADA) trades at $0.23 with sideways movement previously day. Solana and Ethereum recorded similar price motion over this era, but these assets have been slowly bleeding into support on the weekly chart.

ADA’s price trends to the downside on the day by day chart. Source: ADAUSDT on Tradingview

Cardano, Solana, And Altcoins Could Get Hit

Data shared by the Co-Founders of crypto evaluation firm Glassnode via social media platform X indicates an increase in Bitcoin Dominance (BTC.D). The metric was slowly trending to the downside, but it surely found some support yesterday and may very well be poised to regain previously lost territory.

The metric measures the share of the overall crypto market capitalization comprised of Bitcoin. As well as, every time BTC.D reaches a certain point, it often results in mini altcoin bull or bear markets.

The metric could hint at further losses for Cardano, Solana, and other tokens in the present scenario. The Glassnode Co-Founders stated:

It’s not only ETH feeling the warmth; other major altcoins like Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also deep within the red. With Bitcoin’s dominance climbing past 51%, inching closer to its 2021 peak, altcoins are indeed feeling the pressure. To see the resurgence of the much-awaited Altcoins Season, a big recovery might be essential.

As seen within the chart below, the Bitcoin Altcoin Cycle chart is moving closer to a “Bitcoin Season,” as indicated by the blue line. As Bitcoin Dominance trends upwards into the 50% territory, altcoins will likely keep seeing losses within the short time-frame.

BTC.D is entering strong levels, but there’s a possible for a reversal, which may gain advantage altcoins. Source: Glassnode via X

Nonetheless, the Bitcoin Altcoin Cycle chart shows that the BTC.D stands at a critical zone. The metric has bounced back into the Altcoin Season Territory previously.

Specifically, Cardano, Solana, XRP, Ethereum, and other altcoins enjoyed a considerable rally in July. If Bitcoin can’t produce a catalyzer, something to push it above the 50% area in dominance, then Altcoins can see some profits.

Ethereum could potentially hold the important thing to propel altcoins right into a hot season. On this cryptocurrency’s price motion, the Glassnode co-founder stated:

From its weekly resistance at $1,744, ETH has tumbled, marking an 8% decline in only two weeks, landing it at $1,574. While the value appears to be consolidating, the upward slope of the RSI suggests buyers are vying for higher levels. Yet, with sellers resisting this advance, they could (…).

Cover image from Unsplash, chart from Tradingview