Altcoins like DOGE, SUI, and PUMP surged, with the Altcoin Season Index rising to 30. Despite Bitcoin’s 63% dominance, altcoins show breakout potential, signaling a possible market shift.
The Altcoin Season Index jumped to 30 from a June low of 12, with 32 of the top 100 altcoins outperforming Bitcoin’s 40% 90-day gain, per CoinMarketCap. Meme coins like PENGU and MemeCore rallied over 500%, while SUI soared 81% to $4.10, breaking a multi-month triangle pattern.
DOGE gained 5.05% to $0.198, with a 464.28 million token volume spike, per CoinDesk, while PUMP rose 20% to $0.006782 after a $18.34 million buyback, per CryptoSlate. These moves reflect institutional and retail rotation into high-beta assets.
“SUI has entered Wave 3, targeting above $10,” said analyst Crypto Bullet, noting a 51% rally. Analyst Ali Martinez added that SUI’s breakout above $4.00 could drive a 140% move to $7.60 if buying pressure persists.
Bitcoin’s dominance, at 63%, remains a hurdle, historically needing to drop to 40% for a full altcoin season, per CoinMarketCap. BNB’s struggle below $692, with RSI below 50, suggests not all altcoins are poised for immediate gains.
A decline in Bitcoin dominance to 50% could ignite a broader altcoin rally, especially for SUI and DOGE, if they hold key supports ($3.50 and $0.196, respectively). Meme coins and DeFi tokens like PUMP face risks if utility concerns persist, per BitMart Research.
“The chart remains coiled,” said CoinDesk on DOGE, noting that a break above $0.200 with 400 million in volume could target $0.21.
Altcoins are gaining traction, but Bitcoin’s dominance and technical resistance levels will dictate whether this rally sparks a true altcoin season.
Based on reporting from CoinDesk and CoinMarketCap
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