- TON records a 335.57% increase from January to June, with Open Interest rising sharply, indicating strong investor interest.
- Solana’s price surged from $12 to $210 in seven months, a 1542% increase, now showing signs of consolidation.
Solana (SOL) and Toncoin (TON) are emerging as leaders in what may soon be an altcoin season.
This phase, where altcoins typically experience significant appreciation, is often triggered by a reduction in Bitcoin’s market dominance, which has recently dropped by 0.26%.
Currently, the total crypto market capitalization stands at $2.11 trillion, reflecting a 1.56% decrease over the past 24 hours.
Analysts like Moustache are pointing to specific technical indicators that suggest TON and SOL are well-positioned for the next rally.ย
Crypto is a Ghost Town and Altcoins are on the verge of breaking out of a falling wedge that has been in the making for 9 months.
Can you also see the other huge triangle?๐๐ฅ
I think a lot has been demanded of us in recent months.
Time for a U-turn. pic.twitter.com/WergTUpKBK
— ๐๐ ๐ฆ๐ค๐ฅ๐๐โ๐ ๐งฒ (@el_crypto_prof) August 20, 2024
For instance, TON has recorded impressive gains this year, with a 335.57% rise from January 1 to June 10, and despite a subsequent correction, it maintains a robust market valuation of $16 billion.ย
The significant increase in Open Interest for TONโfrom $912.34K to $20.17 million in less than a monthโsignals a growing bullish sentiment among investors.
On the other hand, Solana’s trajectory has been marked by a sharp increase from $12 to $210 between June 2023 and January 2024, translating to a 1542% rise.ย
Although SOL has been consolidating since January, the pattern of accumulation noted among substantial traders suggests preparation for another substantial price movement.
Tools like the Accumulation and Distribution indicator have shown consistent higher highs in Solanaโs trading activities, underlining a strong accumulation phase.
The backdrop of decreasing Bitcoin dominance is critical as it often precedes a flourishing altcoin season. This environment allows for increased liquidity and investor interest in altcoins, which can lead to dramatic increases in their valuations.
As the market stands, both TON and SOL are not just surviving but seemingly preparing for substantial upward movements.
Investors and market participants are closely watching these developments, as breaking certain technical patterns could herald the start of an aggressive bull run for these altcoins.
Should the support levels currently being tested hold firm, the crypto market may witness a significant rally, with TON and SOL potentially setting new all-time highs.
