Just the other day, I was reminded on X about the 4 phases leading to the much-awaited altseason. Now, this is quite old, and with the increased clarity in crypto regulations, institutions entering the space, and all the other major changes, we might not see similar altcoin pumps or even cycles anymore compared to previous years. Still, this makes a lot of sense, and it's good to keep in mind where we are now and where we might be headed.
Whether you read news, watch crypto YouTube videos or just scroll down the X feed, Ethereum is something you most certainly will bump into. It's everywhere, and it's pumping. Therefore, I think it's safe to say we are at least between phases 1 and 2, or have already entered phase 2.
Since I'm not holding much of ETH, the phase 3 is the one I'm eagerly waiting for as it consists of the assets I'm heavily exposed to: $SUI, $SOL and $HYPE. As for the actual altseason, phase 4, I'm still holding small quantities of junk that went down 80%, but besides that, I'm planning to make some beta play moves on the three ecosystems I mentioned above.
After that, if all goes as planned (likely not, though!), it would be time to enter phase 5, which to me, is rotating back to BTC and stablecoins. But before that, there's still a lot of work to be done.
Bitcoin
Let's start this Monday analysis in the usual way by checking up on Bitcoin.
The level around $116.5k seems to have become a good support zone from where BTC keeps bouncing back up. On the upper side, there was the descending trendline, which BTC has just broken. Next, I'd like to see it turn the $118.8 level (green line) into support, and for the $120 levels.
In one of the previous analyses, I mentioned the CME gap (red line), which still hasn't been filled. It might not even get visited anytime soon, but it's something to keep in mind if we get a dip, as it would make a good entry point for longs.
The Bitcoin dominance chart has been falling and falling recently, allowing alts to pump, but it's now approaching an important support level (grey area). Also, the RSI is screaming red on the daily chart, so we might see a bounce soon.
Solana
While all the spotlights are on ETH right now, SOL is starting to look very interesting to me. On this weekly chart, we can see it has just broken an important resistance level (grey area), while creating a higher high in addition to creating a higher low earlier. Very bullish structure here on the high time frame.
If we zoom out into the daily view, we could draw a classic, bullish cup and handle pattern where a small pullback from here would form the handle and eventually, send $SOL way higher. To support this idea, we see that the RSI has now entered the overbought territory, which could lead SOL to retrace a bit soon.
$SOL Plan: short-term profit taking, long-term long.
Altcoins
We have an extremely interesting week ahead of us. A lot of projects are coming up with announcements, adding new features, or doing airdrops.
Even if you weren't directly involved in these, there might be some good scalp opportunities with some of the alts listed above. For example, if Sonic actually goes through with their $S token airdrop, it could temporarily decrease their token price as farmers take profit. On the other hand, $KAITO & $JUP announcements could work as bullish catalysts for their token prices.
Keeping it short today because I have a lot of portfolio management to do, so thank you for reading and don't forget to like, comment, and follow for more defi, trading & airdrop content!
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