The markets recovered to some extent, probably due to the rounds of the SEC clarifying stablecoins as not securities. The Bitcoin price rose significantly and tried hard to surpass the pivotal resistance at $83,800, but the bears quickly dragged the levels lower, compelling the price to remain consolidated below the range. In the meantime, top altcoins like Cardano, Solana, Chainlink, & XRP are gearing up, suggesting a major price action is on the horizon.
The spot markets suggest the markets continue to possess a massive bearish trajectory and as a result, the lower targets remain activated. The funding rates or the fees exchanged between the long and short positions in the perpetual future contracts, may soon rise. The rates across the exchanges are expected to coil up specifically for ADA, SOL, LINK, and XRP.
The rise in the volatility among these altcoins suggests a major breakout is fast approaching, and hence, investors are currently optimistic. This also suggests that the markets are hinting before the surge, which could keep the market participants highly vigilant. Meanwhile, the Chainlink (LINK) price is facing equal bullish and bearish pressures with a drop in the volume in the spot market. On the other hand, the prices of XRP, SOL, and ADA have been recovering significantly, hinting towards a potential altseason soon.
On the other hand, the USDT dominance within the market has reached a crucial support. A drop from the range may confirm the beginning of an altseason as the short-term price action of stablecoins hints towards a drop in the stablecoin dominance, which suggests the capital may flow into the risk assets. In the times when the memecoin has been attracting significant liquidity, the upcoming season could be a little diverse with the rise in the fundamentally strong tokens. Hence, the upcoming bull run or specifically altseason, may not be bigger and more sustainable compared to the previous ones.
