The crypto market may be on the cusp of a prolonged bull run as the Altcoin Season Index jumps and Bitcoin and Ethereum exchange-traded fund inflows gain steam.
The Altcoin Season Index rose to 43 on Saturday, July 26, up from the year-to-date low of 16. This surge happened as many altcoins jumped and as Bitcoin (BTC) remained in a consolidation.
Historically, cryptocurrencies tend to perform well when the altcoin season and the Fear and Greed Index are rising. They then reverse when the altcoin index jumps to the extreme level.
The best cryptocurrencies to buy as the ASI index jumps are those with clear catalysts, such as ETF approval and hype. Popular meme coins will also do well as they attract interest from retail traders. Some of the best crypto to buy are Bonk (BONK), Quant (QNT), and Dogwifhat (WIF).
Bonk price to soar amid ETF hype and ETF approval hopes
Bonk, the biggest Solana (SOL) meme coin, is a good crypto to buy because of its strong technicals and solid fundamentals. The daily chart shows that the token has formed a golden cross as the 200-day and 50-day moving averages crossed each other.
It has also reached the 50% Fibonacci Retracement level and is currently forming a bullish pennant pattern. The Supertrend indicator has also turned green, pointing to more gains in the coming months.
Fundamentally, it will benefit from its position as the biggest Solana meme coin and the fact that on-chain data points to more whale accumulation and falling exchange balances.
Bonk is also one of the meme coins with active ETF applications. Osprey Funds, Rex Shares, and Tuttle Capital have all filed for these funds. An approval of these funds would lead to more gains.
Quant price to benefit as bullish patterns form
Quant is another top crypto to buy due to its strong fundamentals, including partnerships with Oracle and the European Central Bank. It will also benefit from the macro theme of real-world asset tokenization.
The QNT price has highly bullish technical indicators, indicating potential for further gains over time. It has formed an inverse head-and-shoulders pattern and a cup-and-handle. It moved above the upper side of the cup and handle this week, confirming a breakout.
Therefore, the Quant price will likely continue rising as bulls target last year’s high of $171, which is about 35% above the current level.
Dogwifhat cup & handle pattern forms
Dogwifhat token is another good altcoin to buy this year. Like Bonk, it is one of the biggest Solana meme coins, and has highly solid technicals. It has formed the highly bullish cup-and-handle pattern, whose upper side is at $1.3423 and the lower side is at $0.3184, giving it a depth of 76%.
WIF price is now in the handle section and has already moved above the 50-day and 100-day moving averages. Measuring 76% from the cup’s upper side points to more gains, potentially to $2.50.
Other top altcoins to buy
There are more altcoins to consider as the crypto market bull run starts. The most notable ones are Spark, Hyperliquid, and AAVE, which are big names in decentralized finance. Layer 1 and layer-2 tokens like Binance Coin, Ethereum, and Arbitrum are also good buys.
Read the full article here
