Will the Altcoin Season officially begin when $SOL has established ATH?
Solana officially reached an all-time high of $264 right at the moment Bitcoin surpassed $99,000. This is a very positive sign for altcoins, in the context of the past few weeks where only Bitcoin and memecoins attracted the capital flow of investors.
The reasons behind the strong price increase of SOL on November 22 may come from the following two factors:
1/ The prospect of approving Spot Solana ETF is widening under the new U.S. President Donald Trump. Additionally, right after the news that SEC Chairman Gary Gensler set a resignation timeline, four asset management companies including Bitwise, 21Shares, Canary Capital, and VanEck submitted a 19b-4 application to the SEC requesting approval for the Spot Solana ETF product.
2/ The memecoin craze continues to explode strongly. The high trading volume helps the fee revenue that Solana's dApps generate continuously set new records.
To be called Altcoin Season, we need 75% of the top 50 market capitalization tokens (excluding stablecoins) to perform better than BTC within 90 days.
According to data from Blockchain Center, we are currently still in Bitcoin Season as this index is only at 33. However, with a series of altcoins surging strongly today, we can expect this index to soon exceed 75 by early next year.
