Analysts are observing a shift in the cryptocurrency market dynamics, with altcoins taking the spotlight away from Bitcoin. There's growing anticipation of an upcoming altcoin season, fueled by positive signals from technical analysis and on-chain data.
Key players like CryptoJelleNL have noted encouraging technical indicators for altcoins, suggesting a potential rally.
Additionally, analysts from CryptoQuant believe that the altcoin season might start earlier than expected, particularly if Ethereum continues to consolidate within its current price range.
On-chain activities further support the bullish sentiment towards altcoins. Ethereum, for instance, has seen significant growth in open interest, especially following the SEC's approval of Ethereum ETF applications. This surge in interest is also reflected in Ethereum's futures market and increased purchases by long-term holders.
Similarly, DOGE, the leading meme coin, is poised to test new resistance levels, with analysts predicting a potential doubling in value once key barriers are overcome. Moreover, accumulation patterns among large holders indicate growing interest in altcoins like ETH, XRP, SOL, ADA, and LINK.
May 2024, Cryptoniteuae