The Altcoin Season Index recently registered a reading of 16, signaling that Bitcoin season is in full swing. This metric indicates that Bitcoin is currently outperforming altcoins, which have taken a backseat in the market spotlight.
Bitcoin [BTC] has been the focal point of the crypto market, drawing significant attention. However, this focus has not been favorable for altcoins, as many top coins have been overshadowed.
Understanding the Altcoin Season Index
For those unfamiliar, the Altcoin Season Index measures the profitability of altcoins relative to Bitcoin. A high score on this index suggests an altcoin season, where altcoins are expected to outperform Bitcoin. Conversely, a low score, closer to 0, indicates a Bitcoin season. With the current reading at 16, it’s clear that Bitcoin remains dominant.
Market Performance Over the Last 90 Days
Despite the dominance of Bitcoin, some altcoins have shown remarkable performance. Toncoin [TON] has emerged as the top performer, with its price surging by 229%. Following TON, Solana [SOL] and Pepe [PEPE] have also seen significant gains. On the flip side, Fetch.ai [FET], Optimism [OP], and Sui [SUI] have been the worst performers, with their values dropping by 38%, 36%, and 35%, respectively.
Prospects for Top Altcoins ETH and SOL
While the wait for an altcoin season continues, it’s worth examining how top altcoins are faring. According to recent data, Ethereum [ETH], the leading altcoin, has seen a 1.2% dip in its price over the last 24 hours. Solana [SOL] has experienced a more substantial decline, with its price dropping by 5%. Currently, ETH is trading at $3,341, and SOL is valued at $181.
Interestingly, despite Solana’s significant price drop, its Weighted Sentiment has increased, indicating rising bullish sentiment. In contrast, Ethereum’s Weighted Sentiment remains negative.
Analyzing SOL’s Market Sentiment
Given the bullish sentiment around Solana, a closer look at its daily chart reveals some critical insights. The MACD (Moving Average Convergence Divergence) suggests the possibility of a bearish crossover, while the Relative Strength Index (RSI) shows a slight downtick, hinting at a potential continuation of the price decline.
Investors should keep an eye on these indicators and market sentiments to navigate the current crypto landscape effectively.
