SOL, LINK, OM, and RAY flash bullish signs as Bitcoin traders wait for

Bitcoin BTCUSD has been relatively quiet over the weekend, indicating that the bulls and the bears are not waging a large bet on a directional move. “The market sees limited upside for the asset in the short term, likely due to the absence of a specific BTC reserve announcement,” said onchain options protocol Derive founder Nick Forster in a Jan. 25 analyst note viewed by Cointelegraph.

A more bullish projection came from CryptoQuant contributor IT Tech, who said in a Jan. 24 analyst note that Bitcoin long-term Bitcoin holders (LTH) — those who have held their Bitcoin for more than 155 days — continued to buy on declines and short-term holders bought during rallies. That makes IT Tech bullish on Bitcoin over the next 12 months. 

Analysts are divided on Bitcoin’s prospects in the near term, and the same is the case with an altcoin season. While some expect altcoins to start outperforming in 2025, Crypto analyst Ali Martinez has a different opinion. Ali said in a post on X that a massive supply of 36.4 million altcoins currently, compared to less than 3,000 during the 2017-2018 altseason, reduces the possibility of a sustained altcoin outperformance.

Will Bitcoin break out to a new all-time high, boosting sentiment? If that happens, let’s look at the charts of the top cryptocurrencies that may outperform in the near term.

Bitcoin price analysis

Bitcoin is squeezed between the 20-day exponential moving average ($101,493) and the overhead resistance of $108,353.

The rising 20-day EMA and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside. A break and close above $109,588 could signal the start of the next leg of the uptrend. The BTCUSDT pair may surge to $126,706.

Contrarily, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it will suggest that the pair may remain range-bound between $90,000 and $109,588 for a few days. Sellers will have to yank the price below the $90,000 to $85,000 support zone to gain the upper hand.

The 4-hour chart shows that the pair is trading between $100,000 and $109,588 for the past few days. The flattening 20-EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. 

A break and close above $107,250 could push the pair to the overhead resistance of $109,588. If this level is cleared, the pair may climb to $119,176. On the downside, a break and close below $100,000 could sink the pair to $90,000.

Solana price analysis

Solana (SOL) has been witnessing a tough battle between the bulls and the bears near the $260 level.

The upsloping 20-day EMA ($232) and the RSI above 65 indicate buyers are in command. A close above $273 could open the doors for a rise to $296. This level may pose a strong challenge, but if cleared, the SOLUSDT pair could rise to $375.

This optimistic view will be negated in the near term if the price turns down and breaks below $229. The pair may then drop to the…