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The altcoin market is picking up steam, but the move still looks selective rather than a broad altseason. Bitcoin dominance sits high at 58.85%. The total crypto market cap is around $2.33 trillion. Additionally, the Altcoin Season Index is at 52, still below the 75 level typically associated with a confirmed altseason.
Few Tokens Lead the Charge
$ONDO rallied 15% to 18% in mid-July after Ondo Finance highlighted its tokenized-stock initiative. It also announced a partnership with Japan’s SBI Group to tokenize Japanese assets. The token is now up around 101% since launch. However, it is still roughly 81% below its December 2024 all-time high.
Lorenzo Protocol’s $BANK made an even sharper move, trading between $0.1209 and $0.2541. It remains up more than 1,000% from its June low despite pulling back 26.4% from its July 21 peak.
An 84 million $BANK transfer linked to a possible foundation wallet drew attention, though no official connection has been confirmed. World Liberty Financial also purchased 636,683 $BANK. By July 22, rising short interest and falling open interest pointed to early profit-taking.
Other Coins Flashing Signals
Analyst Michaël van de Poppe remains bullish on $SOL, expecting a move above $100 if the mid-$70s hold as support. He is also watching AVAX for a potential break toward $10. SUI is showing recovery signs near $0.76, though it’s still 85.7% below its January 2025 peak. ARB, UNI, AAVE, ETHFI, NEAR, and ZEC remain on watch.
The path of $SOL continues to remain the same, and I'm expecting to see a bullish breakout taking place over the course of the coming weeks.
Target at $120-130 still stands. pic.twitter.com/CeglWsZvrw
On-chain data adds to the picture. Whales accumulated more than 14 million LINK over three weeks, according to analyst Ali Martinez. Meanwhile, $ENA rallied 17% after a bullish TD Sequential signal, with $0.13 as a potential next target.
Ethena $ENA keeps getting more bullish.
A weekly TD Sequential buy signal was followed by a 17% rally, and now both the RSI and ChandeMO are flashing bullish divergences.
If this momentum continues, $0.13 could be next. pic.twitter.com/CgEcKcl2e7
Most Altcoins Still Underwater
Despite the pockets of strength, CryptoRank found only 8 of 113 major tokens launched since 2024 remain above their launch price. The median return is -95.7%. Hyperliquid leads with a 1,519% gain, followed by $ONDO at 101.4%.
Solana ETF flows turned positive in July after a June outflow. The CLARITY Act remains a key regulatory catalyst, though its path through Congress stays uncertain.
For now, gains are concentrated in specific catalysts and whale activity rather than a market-wide move. Until liquidity broadens and Bitcoin dominance falls, this remains a selective altcoin rally, not a confirmed altseason.
