Bitcoin’s volatility continued after an ETF approval sparked a rally to $49,000, but excitement waned due to SEC-related confusions, including a hacked account and deleted official announcements. The outlook for altcoins isn’t particularly bright at the moment.
Optimism for an altcoin bull season in 2024 is fueled by events such as the Bitcoin halving, interest rate cuts, U.S. elections, and the spread of ETFs. Some analyses suggest that capital movement indicates the start of this anticipated season.
Experts point to a significant capital rotation from Bitcoin to altcoins like Solana (SOL), with the Altcoin Season Index climbing to 76 out of 100, suggesting an early phase of the altcoin season. Historically, an altcoin season is defined by the top 50 altcoins outperforming Bitcoin over 90 days, a situation last seen in 2022 and seemingly starting again with cryptos like Ordi (ORDI), Sei (SEI), and Injective (INJ).
SOL Coin has experienced impressive growth, maintaining a strong position above $95, outperforming many major altcoins. Analyst Ali Martinez suggests that Solana’s four-hour chart shows a bullish flag pattern, potentially indicating an upcoming price increase.
Solana appeals to a significant portion of crypto investors due to its speed and low costs, and it has shown considerable recovery in total locked value. If the crypto market avoids major setbacks, institutional interest could drive SOL’s price towards the speculated $150 range.