Ex-Goldman Sachs executive Raoul Pal says the altcoin market cap is on the verge of soaring to new all-time highs (ATHs).

In a new video update, the Real Vision CEO says that the digital assets market could enter “crypto summer” within a month, when Ethereum (ETH), Solana (SOL) and other alts could have massive rallies.

A “crypto summer” generally means increased prices, higher trading volume, bullish market sentiment, more network development and wider adoption.

“It’s very normal for crypto spring for Bitcoin to outperform and then as we come into crypto summer that we’re transitioning into now ETH starts to outperform Bitcoin…

Will it outperform Solana? I very much doubt it. Solana is earlier in the adoption curve so it means the percentage changes are larger.

You can see the start of crypto spring, which was the breakout of this pattern and the slight acceleration. That says we’re getting to warmer days of spring as it were. But really, summer happens when you break the previous all-time high in market cap and things go utterly bananas. So this [chart below is altcoins] excluding Ethereum, so this is the rest of the space, really starting to accelerate and sometime in 2024 we will hit an all-time high market cap of altcoins and this chart will go truly into the banana zone.”

Pal also predicts that the crypto market will have a “crypto fall” similar to the 2013 and 2017 cycles when the market extended rallies even higher. Many analysts believe that crypto runs in four-year cycles and divides the cycles up into four seasons of the year to explain the different phases.

“Let’s talk about crypto summer just in very simplistic terms. Here is the chart of the seasons. So spring is green. We had a great spring this year. Summer is when a lot of the gains start to happen. Fall was tricky last time around. We got a stunted cycle. If you remember that kind of double-toppy style thing.

It was highly unusual. 2017, and 2013 were typical of the fall season. And so we don’t know how this one’s going to play out. I think it plays out more like 2013, 2017, but it’s all assessing the odds as we go. But right now this is the easy year, the summer.”

Pal predicts that crypto summer will begin in the next month to month and a half.

“Very soon, like in the next month, next month and a half, we will start to hit the banana zone. And this is what happens when you hit the banana zone. Things get absolutely wild, which is the really magical part of why this is the greatest macro trade of all time is this part and it’s coming.”

Looking at his chart, Pal suggests that during “crypto summer” Bitcoin (BTC) could soar into the six-figure range, reaching as high as $300,000.

 

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Popular memecoin BONK (BONK) saw its price surge over 8% in the last 24 hours according to the latest data from CoinMarketCap. The dog-themed cryptocurrency, which runs on the Solana blockchain, was trading hands at $0.000016 at press time with $523 million worth of BONK changing hands over the previous day.

The price pump comes as crypto analyst Ygcrypto points out that BONK appears to be testing a key resistance level. “A test of the resistance zone is on the horizon, so be ready to take profits if needed,” the analyst stated on X, identifying support at $0.0000133-$0.0000136 and resistance at $0.0000165-$0.0000177. However, they added that a further pump may be incoming for the memecoin.

Market Capitalization Milestone

The surge comes after SolanaFloor announced on X that BONK had reclaimed its $1 billion market capitalization. The achievement highlights the memecoin’s resilience even amidst the ongoing crypto winter that has battered cryptocurrency prices.

Significantly, BONK brands itself as the first dog-themed coin native to Solana. Moreover, 50% of the total supply was airdropped to Solana community members, which has likely contributed to its grassroots-style growth.

Additionally, the coin’s community-focused approach could make it more impervious to external market forces. Hence, the recent recovery may indicate substantial support amongst BONK enthusiasts who remain bullish on the project’s long-term prospects. Consequently, the meme coin’s setup positions it well to potentially challenge the next resistance zone identified by Ygcrypto should positive momentum continue.

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