Altcoin Season Is Approaching: Which Cryptocurrencies Should Be Evaluated?

Recent activity in the crypto markets has brought about a significant sell-off, following Bitcoin's (BTC) drop below $98,000. This situation has triggered a major liquidation wave, leading to over $1 billion in positions being liquidated in just the last 24 hours. Notably, $887 million of this was due to the liquidation of long positions. This atmosphere of extreme fear has prompted retail investors to exit, while on-chain data shows that smart money is taking a completely different path.

This situation is interpreted by many analysts as the beginning of an Altcoin season. According to expert Merlijn, the sharp liquidation wave signals the start of every previous altcoin season. The weak state of Bitcoin and the potential return of liquidity could herald a significant rise. Some analysts compare this drop to the major altcoin rotation during the 2019-2020 cycle. The technical data supports this as well: Bitcoin Dominance (BTC.D) is exhibiting a downward head-and-shoulders formation, indicating that capital could soon flow into altcoins.

Meanwhile, the TOTAL3 market cap shows that the resilience of crypto assets outside of Bitcoin and Ethereum continues to hold strong. This market cap is only 17% lower than its all-time high, indicating that altcoins are built on a solid foundation. Furthermore, the possibility of the Federal Reserve injecting new liquidity into riskier assets like altcoins, as it has done before, is also being considered.

As for what whales are doing during the downturn, on-chain data indicates that whales are strategically accumulating certain high-utility tokens. Aster (ASTER) has added 4.93 million ASTER in the past 24 hours, resulting in an 8.72% increase in their holdings. Analysts note that the resistance level of $1.11 has been broken, with targets set at $1.29 and $1.59. Pendle (PENDLE), on the other hand, is maintaining the $2.50 support level, with whales acquiring 410,000 PENDLE (approximately $1.19 million). Additionally, Uniswap (UNI) experienced an 84% weekly increase, and whales have observed an 8.96% increase (approximately $9.37 million worth) in their assets over the last 24 hours.

As a new potential investment opportunity, Minotaurus (MTAUR) is gaining attention on the BNB Chain. This project could turn into an opportunity as altcoin demand rises. Minotaurus is a trustworthy project audited by SolidProof and Coinsult, and it is rising on a solid foundation supported by full audits. With the current price at $0.00012493 USDT, the previous price target is $0.00014 USDT. If it reaches this target, it offers great profit potential for early participants. Thus, regardless of market sentiment, investors will have the chance to evaluate opportunities based on solid fundamentals.