Not Bitcoin, Ethereum or Cardano, but these crypto assets hold the potential for a bull market

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• Sistine Research has highlighted Monero, Solana and Tron as the altcoins poised to rally.
• Tron price has seen a significant increase since its bull market began in November 2022 and is up over 80% to date.
• All three assets have a high correlation with Bitcoin, suggesting that their movements are influenced by BTC.

When it comes to cryptocurrencies, most investors only focus on a few of the top assets such as Bitcoin, Ethereum, Cardano and unfortunately meme coins. However, there are other altcoins that are likely to eclipse these assets and could trigger a bull run very soon.

Solana and two other altcoins to watch out for

Research firm Sistine Research has highlighted three assets that are poised to embark on another rally phase if they manage to break out of their critical resistance levels. These assets were Monero (XMR), Solana (SOL) and Tron (TRX).

According to their tweet, XMR price is very close to the critical barrier against Bitcoin, which has kept altcoin trading below this barrier since early May. If Monero manages to break the resistance at 0.005757 BTC, an upward trend can be expected. However, a failed breakout and invalidation of 0.005577 BTC could lead to a decline.

The situation is similar with the Solana price: the breakout zone is around $40, which marks the double high before the FTX collapse. To do this, the altcoin would first have to recapture the support at $25. However, if this does not happen, the ongoing uptrend could be wiped out and the price could plummet to $16.

The third asset, TRX, has been in an uptrend since November 2022 and is up more than 81%. However, the breakout zone for the altcoin is $0.125, well above its current trading price of $0.084. Additionally, if the cryptocurrency loses support from its uptrend line, the bullish thesis would be invalid.

Bitcoin is the key to their rallies

Even though these assets are currently bullish in nature given their price action, they are still dependent on Bitcoin for their future performance. The reason for this is the high correlation they share with BTC. Monero’s correlation is 0.68, Tron’s is around 0.72 and Solana has the highest correlation at 0.93.

Correlation of Bitcoin with the above altcoins

So if Bitcoin price recovers, the chances of these altcoin rallies improve significantly. Likewise, if BTC declines in the future, the vulnerability of XMR, SOL, and TRX to a crash will increase.

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