The beginning of altcoin season
The Altcoin Season Index has reached a high of 76 out of 100, surpassing the critical threshold of 75. This indicates the official start of altcoin season, a period where 75% of the top 50 altcoins outperform Bitcoin over 90 days. This phenomenon was last observed between late August and September 2022. Currently, altcoins like Ordi, Sei, Injective, and Solana are outpacing BTC.
Solana’s rise
Solana’s native token SOL has experienced a significant price increase of 6.7% over the past week. It currently trades at $95.5. Solana has formed a bullish pattern on its four-hour chart, suggesting a potential breakthrough if it closes above $106. If SOL breaks this resistance level, it could pave the way for an upsurge towards the $150 zone.
Top cryptos to watch out for
Other cryptocurrencies like ORDI and SEI have also made substantial gains during this altcoin season. Ethereum has increased its market dominance compared to Bitcoin, indicating growing interest in altcoins and challenging Bitcoin’s long-standing dominance.
Hot Take: The excitement surrounding altcoin season is palpable as investors eagerly anticipate capital rotation from Bitcoin to altcoins. Solana, with its impressive price performance and potential for further growth, stands out as one of the top cryptocurrencies to watch during this altcoin season frenzy. However, caution is advised in the volatile cryptocurrency market as trends can change unpredictably.
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