Analyst Says “Altseason May be ‘Quietly’ Building Up,” as XRP, Solana, Cardano, Shiba Inu Approach Breaking Point

A cryptocurrency analyst has made a notable observation regarding altcoin season, when alternative cryptocurrencies outperform Bitcoin. According to Javon Marks, altcoin dominance levels are heating up and, as a result, approaching crucial levels. 

The analyst identified several bullish indicators that further validate the possibility of a bullish breakout for these alternative crypto assets. 

The analyst believes the bullish development is setting altcoins on a path towards a highly anticipated bullish recovery and positioning them for what he believes is a silent build-up of momentum. 

“Altcoins, by dominance, are approaching a KEY BREAKING POINT and with multiple metrics giving bullish indications, we could see a BULLISH BREAKOUT, sparking a long-awaited reversal for the Alt Market…Alt-Season may be ‘quietly’ building up!” He wrote in a post shared on X, formerly Twitter.

The analysts’ assertion comes not long after the broader cryptocurrency market saw leading cryptocurrencies collectively record losses. On June 13, the crypto market volatility rose to worrying levels as geopolitical tensions between Israel and Iran heightened. 

The total market value for cryptocurrencies plummeted, dropping to $3.24 trillion. A 4% decline in total market value was recorded within 24 hours. Leading cryptocurrency Bitcoin recorded a 5.6% intraday decline, briefly trading at $102,700, while leading altcoins such as Ether, XRP, and SOL dropped by 9.4%, 5.8%, and 9.6%, respectively.

The bearish development was accompanied by a rise in liquidation levels, as recorded on June 13, when $1.15 million was liquidated over 24 hours in the futures market.  

Although the new week kicked off with a mild price recovery, with Bitcoin, the apex cryptocurrency reclaiming the $104,454 price mark, most leading alternative coins must work even harder to clear recently attained losses to make a bullish turnover.

At the time of this report, the total crypto market cap is up 0.27% over the last 24 hours, with a value of $3.24 trillion, indicating a growing market presence.