In 2022, the excitement around the November elections led to a surge in altcoin sales, only to face a downturn in 2023. As many altcoins hover near their lowest levels, investors are left pondering what’s next. With market rallies cut short by December’s decline, the big question is about the future course of altcoins and what stakeholders should brace for.
Is the Altcoin Season Around the Corner?
Despite anticipation, the awaited gains for altcoin investors haven’t materialized. Liquidity shifts towards meme coins contributed to significant falls for altcoins amidst turmoil. Notably, many BTC pairings have reached record-low valuations, with the ETHBTC pair being a distinctive indicator of this trend.
Prominent commentator Mister Crypto believes that the altcoin season has not been disregarded, merely postponed. His analysis suggests that altseason, although delayed, could make an appearance unexpectedly.
Conversely, Michael Poppe is optimistic, indicating that the journey towards new altcoin highs has already commenced, with market capitalization remaining resilient and testing previous highs. He anticipates further upward movement.
The present lull in the market has been perceived by some as an overlooked chance to buy. Analysts are speculating on the altcoin market cap potentially reaching the 1.2 trillion-dollar mark. If the current peak underperforms compared to the previous one, it might signal an extended phase for cryptocurrency enthusiasts.
What Lies Ahead for Solana?
Phoenix, a notable analyst, points towards Solana (SOL), emphasizing its potential for steady gains. Holding the 144-dollar level is crucial for SOL’s continued momentum. Among its peers, SOL has demonstrated resilience, rebounding swiftly from declines and maintaining investor confidence.
The performance of Bitcoin could also heavily impact Solana’s trajectory. Failing to uphold the 144-dollar mark could precipitate a fall to 112 dollars, with network tokens like BONK Coin experiencing amplified shifts during volatile phases.
Attention is also fixed on today’s JOLTS and Consumer Confidence data, as these economic indicators might fuel tariff volatility post the U.S. market’s opening. With just an hour to market commencement, participants remain on edge.
