Did altcoin season just quietly kick-off?

There was no massive breakout, no meme coin mania - but the signs are there. 

Ethereum is surging, Solana is gaining institutional traction, and the usual altcoin suspects are following suit. It’s not loud. It’s not hyped. But traders are seeing patterns that only show up when the cycle starts turning. A quiet shift is underway - and it’s beginning to look a lot like the early stages of altcoin season.

Ethereum and Solana are at the centre of it, and what happens next could set the tone for the entire altcoin landscape.

Ethereum price outlook: Rally gains some credibility.

Ethereum is not just bouncing - it’s breaking out with purpose. On Tuesday, 22 April, ETH surged more than 10%, with over $127 million in liquidations - the bulk of them short sellers caught on the wrong side of the trade. 

This rally comes against a backdrop of supportive macro news. President Trump recently hinted that tariffs on Chinese goods could be reduced, while Treasury Secretary Scott Bessent called the U.S.-China trade dispute “unsustainable.” Those remarks have boosted risk assets broadly, and Ethereum is riding the tailwind.

But this isn’t just a news-driven spike. Ethereum’s fundamentals are flashing green:

• Market cap surged 12% in a day, a signal of growing investor confidence.
  
  
• According to IntoTheBlock, new user activity is up 40%, pointing to real adoption, not just recycled capital.
  
  
• Resistance levels around $1,860 to $1,895 have recently been tested. A decisive breakout could open the door to $2,000 and beyond.
  
  

Crypto analyst Crypto Rover compared Ethereum’s current setup to Bitcoin’s 2020 rally - a bold call, but not entirely without merit. Behind the scenes, Ethereum’s DeFi ecosystem is thriving: TVL hit a record $100 billion last week, reinforcing its role as the financial backbone of Web3.

Ethereum’s market health also looks positive, with IntoTheBlock data showing a high concentration of positive addresses, suggesting that more investors are locking in profits.

According to the data, most Ether holders are profitable, with only about 38.66% of addresses ‘out of the money’ - a sign of market stability and a generally favorable outlook.

The Ethereum effect also lifts ecosystem players. Chainlink (LINK) and Aave (AAVE) saw 10% and 8% spikes - early signs of rotation deeper into blue-chip altcoins.

Solana institutional investment and reclaiming its momentum.

While Ethereum commands the spotlight, Solana (SOL) builds a compelling case. It’s up more than 20% in the past week, now trading above $150. Whale wallets holding 10,000+ SOL have grown by 1.53%, suggesting confidence from larger players.

Perhaps more telling is the explosion in stablecoin activity on the network. Solana now hosts $12.885 billion in stablecoins, with Circle recently minting $250 million in USDC on-chain. That level of liquidity has only one implication: the ecosystem is gaining traction with users and institutions.

And the institutional signs are everywhere:

• Galaxy Digital swapped $100 million worth of ETH for SOL, which speaks volumes.
  
• A new Solana ETF launched in Canada, giving traditional investors access through regulated vehicles.
  

This resurgence is underpinned by Solana’s core strengths: low fees, fast settlement, and an increasingly sticky developer community. The Solana Foundation’s report showed a developer retention rate of over 50%, a rare feat in crypto.

And it’s not just the majors gaining attention. New altcoins like JetBolt (JBOLT) - offering zero-gas tech - have already sold 349 million tokens in presale, showing a clear appetite for fresh innovations.

Classic altcoin signals are flashing

Are the boxes getting ticked?

✅ Bitcoin dominance dropping - Check. 

✅ Altcoin trading volumes up - Big check. 

✅ Ethereum and Solana leading the charge - Check. 

✅ Ethereum-based altcoins (like LINK and AAVE) surging - Yep. 

✅ Social sentiment shifting to alts - Your timeline probably says it all.

✅ Major development and institutional interest in top altcoin ecosystems - Double check

‍‍

Want to trade ETH and SOL before the potential altcoin season hits? Deriv MT5 lets you speculate in real-time.

Outlook for Ethereum, Solana, and the Altcoin market

Altcoin seasons often arrive quietly before picking up speed. If Ethereum breaks through $2,000 and Solana continues toward the $200 mark, the narrative could solidify quickly. With whales re-entering, ETF flows increasing, and retail sentiment improving, momentum is building beneath the surface.

What makes this potential alt-season different is the quality of participation. There’s less noise from meme coins and more focus on infrastructure and DeFi growth. Ethereum and Solana aren’t just rising - they’re pulling their ecosystems up with them. Chainlink, Aave, JetBolt, and other altcoins are riding those coattails, and more could follow.

No one can time a cycle perfectly. But if you’re waiting for a flashing green sign that alt-season has arrived, consider this your signal to start paying attention.

At press time, ETH is taking a breather after a notable uptick that saw it test the $1,800 and $1,830 price levels. Prices remain below the moving average, hinting that the larger trend is still down despite recent upward pressure. The RSI, which is almost flat at the midline, paints a picture of slowing momentum. If we see a further slide, prices could be held at the $1,723 and $1,588 support levels, while an uptick could see prices encounter a resistance wall at $1,835.

SOL is also catching a breather from its recent rally after price touched the upper boundary of the Bollinger band, hinting at bearish conditions. However, the price also exceeds the moving average, indicating that the overall trend could be switching from down to up. RSI is also pointing up sharply, adding to the upward narrative. 

Should we see a further uptick, prices could encounter resistance at the $155.00 resistance level, while a further slump could be held at the $137.00 and $126.78 price levels.

Are you excited about potential altcoin volatility? You can speculate on ETH and SOL with a Deriv MT5 or Deriv X account.