Waiting for an Altcoin season? Analysts say a weekly closing above this level will trigger a

The cryptocurrency market is still trying to recover after the crash in early March, and sentiment is currently fluctuating. Although the Fear & Greed Index remains in the zone of fear, the price of Bitcoin is gradually pushing back towards the $90,000 level, which has slowly changed the sentiment among altcoins. Rekt Capital, an influential analyst on X, has reignited hopes for an upcoming altcoin season with an important technical signal. According to the post, a breakthrough in altcoin market capitalization may soon form if a key condition is met. The analyst shared a chart and commentary suggesting that the next major price surge may have occurred, provided that the altcoin market capitalization can secure a weekly close above a specific level. Closing weekly above 250 billion dollars could be a turning point The market capitalization of altcoin reached its lowest level in several months in the first week of March after a crash that caused many cryptocurrencies to lose value over several weeks in a short period of time. This crash pushed the market capitalization of altcoin below $200 billion for a brief time, although it eventually closed the week above this threshold. However, this market capitalization has been steadily increasing over the past two weeks since the crash. As of the time of writing, the market capitalization of altcoin has increased again to around 249 billion dollars. Technical analysis from cryptocurrency analyst Rekt Capital highlights that a weekly close above 250 billion dollars will mark a significant technical change for altcoin.

This level, marked in blue on the chart below, will be an important resistance level for cryptocurrency investors waiting for the altcoin season. The analyst notes that a decisive close above this level could lead to a breakout towards the $315 billion level, marked in red. That move not only signals short-term bullishness; but also serves as confirmation that the bottom of the altcoin has been established. However, even when the altcoin market capitalization rapidly rises to $315 billion, there is still much work to be done to return to the recent high of $451 billion set in December 2024. The adjustment point is shifting towards stronger momentum for Altcoin. The nature of the current correction from the altcoin market capitalization of 451 billion dollars adds weight to the potential for altcoin price increases. According to the analyst, the ongoing correction has only reached a 55% decrease from the local high, significantly lower than the previous major altcoin market retracement of 69% and 85%. The deeper decline during the current pullback is interpreted as a sign that the maturity of the altcoin market is increasing. This implies that selling pressure may be weakening and buyers are preparing for a stronger push. This also means that the resistance of the altcoin market capitalization at $425 billion is weakening as a rejection point, which increases the likelihood of a breakout on the next visit.