🐂 Altcoin Bull Season Beginning? Solana Set to Lead
📈 The altcoin bull season is expected to kick off in 2024, fueled by optimism surrounding various events. Halving, interest rate cuts, U.S. elections, the spread of ETFs, and many other events seem to carry the potential for this season. Some analyses indicate that capital movement may have already initiated it.
🔍 Technical experts point to indicators signaling the start of a significant capital shift from Bitcoin to altcoins, such as Solana (SOL), stating that the time has come. The altcoin season index recently rose to 76 out of 100, suggesting that we might be in the early stages, considering the critical threshold is 75.
📉 Historically, the altcoin season is defined as a period when the top 50 altcoins outperform Bitcoin by 75% over 90 days. The last time we saw something similar was in 2022. In the current scenario, cryptocurrencies like Ordi (ORDI), Sei (SEI), Injective (INJ), Solana (SOL) are achieving this, indicating that conditions for the altcoin season are starting to shape up.
Solana (SOL)
💹 In terms of market value, SOL Coin has experienced an impressive growth period. Until last week, SOL Coin maintained a strong position and is now aiming to hold the $95 threshold. However, it still demonstrates better support than most major altcoins. According to Ali Martinez, in the coming hours, Solana may turn upward thanks to a bullish flag formed on the four-hour chart.
🚀 Solana, known for its fast and cost-effective operations, attracts a significant portion of cryptocurrency investors and has undergone a noticeable recovery in total locked value. Unless we witness a significant cryptocurrency crash, the scenario in which institutions resume speculation on GSOL could make $150 a realistic target.
