Altcoins
Is Solana (SOL) Ready to Lead a New Altcoin Season?
The promise of an altcoin season has become a focal point for cryptocurrency enthusiasts and investors as it marks a significant shift in the market. Technically, this signals the start of a massive capital rotation from Bitcoin (BTC) to altcoins, such as Solana (GROUND).
A well-known index is currently indicating the start of an altcoin season, which could provide new opportunities for investors in the cryptocurrency market.
The start of the Altcoin season
THE Altcoin Season Index recently reached a high of 76 out of 100. Exceeding the critical threshold of 75. This rise marks the official start of the highly anticipated altcoin season.
Historically, altcoin season is characterized by a period in which 75% of the top 50 altcoins outperform Bitcoin over 90 days. This phenomenon was last observed between late August and September 2022, marking a period of notable gains for various altcoins.
Learn more: What is Altcoin Season? A complete guide
Source of the Altcoin Season Index: BlockchainCenter
The current market scenario reflects these conditions, with altcoins like Ordi (ORDI)Sei (SEI), Injective (INJ), Solana (SOL) and others significantly surpassing BTC.
The rise of Solana is particularly remarkable. This blockchain’s native SOL token, known for its high throughput and low transaction costs, has shown a remarkable price increase of 6.7% over the past week. It is currently trading at $95.5.
This surge is highlighted by an uptrend that has developed on its four-hour chart. According to BeInCrypto Global Head of News Ali Martinez, Solana formed a bull flag during this period, suggesting a potential breakout if a four-hour close is above $106.
If SOL breaks this resistance, it could pave the way for a surge towards the $150 zone.
“ Solana [shows] a bull flag that developed on the 4-hour chart. A sustained close above $106 can trigger a 47% rally that pushes SOL towards the $150-$165 price range,” Martinez. said.
Top cryptos to watch
The broader context of this altcoin season also includes significant performances from other cryptocurrencies. ORDI and SEI, for example, have made staggering gains of 2,067% and 558.5%, respectively, since October 2023 to reach their respective all-time highs.
Ethereum (ETH) also increased its market dominance, currently holding an 18% share on CoinMarketCap and 17.2% on CoinGecko, compared to 49.8% and 47.5% for Bitcoin, respectively. This change indicates a growing interest in altcoins, which calls into question Bitcoin’s long-standing dominance on the market.
Learn more: 13 Best Altcoins to Invest in January 2024
The impact of altcoin season is not limited to price movements. It’s also a hot topic on social media and within the business community. A striking example is that of a trader who turned 3 SOL to 1,703 SOL in a single day by cleverly trading Mytheria (MYRA).
Such quick win stories adding to the fervor surrounding altcoins, particularly Solana.
However, in the volatile cryptocurrency market, caution is always required. Although the current trend indicates a bullish outlook for altcoins like Solana, the market is unpredictable. Whether this momentum will sustain and lead to new heights remains a subject of keen interest and speculation around the world. cryptocurrency community.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.