Altcoin Surge Continues as Markets Eye Clarity Act Vote and Rate Hike
The price of Bitcoin has been stuck in an institutional holding range between $76,000 and $82,000 for some time. Analysts describe this as a stable zone rather than a breakout or decline.
Over the past 30 days, altcoins have outperformed Bitcoin, with leverage following the same pattern. In fact, open interest in altcoin perpetual futures has surpassed Bitcoin's for the first time since late 2024, indicating that traders are favoring altcoins over Bitcoin in the near term.
The Solana (SOL) token turned bullish on its weekly chart the week of August 24 and has gained about 8.6% since then, trading near $103. Analysts believe this trend will hold as long as SOL does not close a week below roughly $78.
Solana's recent supply change, approved by the community through an on-chain vote, is reducing the number of tokens in circulation, which could support prices if demand continues to rise.