In 2022, a surge in sales caused a downturn in 2023, yet many altcoins continue hovering near their lowest levels. Markets, which had risen in response to the excitement surrounding the November elections, cut their rally short with the drop in December. The question now is, what lies ahead? What should investors expect at this stage?
When Will the Altcoin Season Begin?
Altcoin investors have not achieved the gains they have long anticipated. As meme coins swept up liquidity this year, altcoins experienced more drastic declines amid chaos. Moreover, losses in BTC pairs are reaching new historical levels. The most significant evidence of this is the historic lows seen in the ETHBTC pair.
Mister Crypto, in his evaluation today, noted that the altcoin season has been delayed but not completely erased.
“The altseason is delayed, not canceled. It will arrive when you least expect it!”
Michael Poppe, however, believes this delay has ended and that the journey to new all-time highs is in its early stages.
“The market cap of altcoins is standing firm and has beautifully retested. Most likely, we will continue to show strength towards new ATHs from here.”
Analysts imply that the recent dip was another missed opportunity to buy, anticipating the total market cap of altcoins to move towards 1.2 trillion dollars. A similar pattern was observed in the previous cycle, but if the second peak remains below the first, it could mean a more prolonged and tedious phase for cryptocurrencies.
Solana (SOL)
Phoenix draws attention to Solana $147 ( SOL ) charts. This analyst, focusing on steady gains for the popular altcoin, opines that if 144 dollars hold, the upward trend will gain momentum. Compared to others, SOL Coin remained robust in this cycle, bouncing back quickly from lows and not disappointing its investors.
However, BTC’s price performance will also play a significant role here. If 144 dollars cannot be maintained, a pullback to 112 dollars might occur. During periods of high volatility, popular tokens on the network, like BONK Coin, may see larger movements, intensifying gains and losses.
Today’s focus will be on JOLTS and Consumer Confidence data. We will observe the recent expectations regarding recession concerns and their impacts on tariffs, potentially increasing volatility after the U.S. market opens. At the time of writing, there was about an hour left until the market opened.
