Altcoin Surge Continues as Traders Flock to Solana, Hyperliquid, and Zcash Ahead of Key Vote
Bitcoin is currently trading near $77,000, and analysts describe this range as an institutional holding area rather than a breakout or decline. The support for Bitcoin sits between $76,000 and $77,000, with resistance at $78,000-$79,000 and again at $80,000-$82,000.
Altcoins have outperformed Bitcoin over the past 30 days, and leverage has followed a similar pattern. A notable trend is that open interest in altcoin perpetual futures has surpassed Bitcoin's for the first time since late 2024, indicating that traders are increasingly favoring altcoins over Bitcoin in the near term.
Three altcoins to watch ahead of today's CLARITY Act vote are Solana (SOL), Hyperliquid (HYPE), and Zcash (ZEC). Solana turned bullish on its weekly chart the week of August 24 and has gained about 8.6% since then, trading near $103.
The trend holds as long as Solana does not close a week below roughly $78. A recent supply change approved by the Solana community through an on-chain vote is reducing the number of tokens in circulation, which could support prices if demand continues to rise.
Hyperliquid turned bullish in April near $38 and has since gained more than 95%, reaching new highs. The platform allows users to trade stocks and crypto with leverage entirely on-chain and generates revenue from that activity, giving it a stronger fundamental base than many newer tokens.