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.
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.
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.
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