Altcoin Season Delayed as Ethereum Builds Momentum, Pump.fun Meme Coins Dominate Crypto Market
Despite ongoing speculation about the arrival of a new altcoin season, leading analyst Michaël van de Poppe asserts this period—when altcoins outperform Bitcoin—has not started yet. While Ethereum (ETH) shows technical strength against Bitcoin (BTC), specifically maintaining key support in the ETH/BTC pair and forming a bullish structure, a decisive break above the 0.02884 BTC resistance has not yet occurred. Until this happens, a widespread rally across altcoins remains elusive. The broader market’s stagnation is compounded by macroeconomic headwinds such as high interest rates, constrained liquidity, and increased institutional focus on Bitcoin via ETFs, limiting capital flow into smaller-cap altcoins. Notably, much retail investor attention and capital has shifted to Pump.fun, a meme coin platform on Solana (SOL), which captured $700 million in revenue since February 2024 and is preparing for a major token sale at a $4 billion valuation. This surge of speculative interest in meme coins—typically lacking fundamental value—contrasts with the struggles of most established altcoins, which continue to labor under bearish sentiment. Overall, while Ethereum’s technicals point to future potential for altcoin outperformance, current conditions favor meme coin speculation, and traders are advised to monitor ETH/BTC movements and market rotation closely for early signs of a genuine altcoin cycle.
Neutral
The news presents a mixed outlook for the altcoin market. On the one hand, Ethereum demonstrates technical signs of potential leadership if it can break key resistance against Bitcoin, signaling possible future altcoin gains. On the other, the lack of capital rotation into quality altcoins—combined with prevailing macroeconomic pressures and a surge in speculative meme coin activity—means broader altcoin rallies may remain on hold. Pump.fun’s dominance and record meme coin revenue on Solana highlight ongoing retail speculation rather than sustained altseason momentum. Accordingly, while there are technical reasons to remain vigilant, current market conditions warrant a neutral view until ETH/BTC confirms a breakout or capital rotation trends shift sustainablly toward altcoins.