Many crypto investors have been waiting for the altcoin season while some are asking if it is time for it yet, and crypto experts say yes.
In a tweet on 9 September, this pundit known as Lark Davis says the market is definitely ripe for an alt season — a time when altcoin prices will soar — based on available data.
A transfer of batons
Bitcoin recently made a huge come back with the price reaching an all-time high price of over $121,000. Since then, the price has crashed and is hovering around $112,000.
However, some altcoins such as Solana, XRP and many others have shown strength despite Bitcoin’s sideways trading for the past few weeks.
According to Davis, altcoins are “breaking out of a triangle to the upside and pushing at the top Bollinger Band.” This follows a consolidation that started in mid-August, which he said is ready to “resolve higher.”
Additionally, the Relative Strength Index (RSI)isn’t too oversold, suggesting there is more room for altcoins to grow further.
So far, there has also been a trend of shifting attention from Bitcoin to Ethereum and other altcoins, which is a pattern that typically leads to an altcoin season, suggesting the full season may be about to start.
The altcoin Season Index Chart from Coin Market Cap also supports this position, as it shows the alt season is 52% in already.
What this means
If Davis is right and the altcoin season is about to start, top altcoins like Solana may have taken the lead and still have much more room to grow.
The next stage will include other low cap assets and memecoins gaining significantly as the market continues to favor altcoins.
What do you think?
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