Although the cryptocurrency market has seen a slight decline in recent days, Bitcoin continues to dominate. This has resulted in altcoins recording their weakest performance against BTC in years.
The total market capitalization excluding Bitcoin recovered by nearly 10% last week. Sitting at a critical support level of $1 trillion, the new week has started calmly for altcoins. If this support zone holds across the altcoin market, it could indicate that the capital flowing into crypto — currently dominated by Bitcoin — may begin to shift towards altcoins. In particular, expectations around ETFs, the possibility of early Fed rate cuts, and the launch of new altcoin-based products could support this transition.
Several developments within the internal dynamics of the crypto market may also gradually shift investor sentiment in favor of altcoins. The ongoing ETF progress for Ethereum, the launch of a staking-integrated ETF for Solana, and rising institutional interest in Bitcoin Cash are just some examples of this growing momentum toward altcoins.
While ETF Uncertainty Persists in Ethereum, Medium-to-Long-Term Potential Remains
Ethereum, which leads the altcoin market, continues to face pressure — most recently from the SEC’s decision to delay the Ethereum staking ETF proposed by Bitwise.
The SEC’s approval of the spot Ethereum ETF last year was a major milestone. Now, the potential inclusion of staking could mark another turning point for ETH. The possible returns from introducing staking into ETFs, along with broader spot ETF approvals, remain powerful catalysts for Ethereum over the medium to long term.
At the same time, increased activity on the Ethereum network and recent upgrades are contributing to its stability. The expansion of institutional Ethereum products in the second half of the year could also bring ETH back into focus. In the short term, however, ETH remains under technical pressure.
Ethereum recently rebounded alongside the broader market following a ceasefire between Israel and Iran. As a result, ETH recovered the support level we’ve been monitoring at $2,430, driven by renewed buying interest.
Currently, ETH is trading sideways above the $2,430 support, but ongoing pressure is making it difficult to break into the $2,500 region. If ETH manages to secure daily closes above $2,500, this could open the door for a move towards $2,700. The resistance at $2,730 has remained unbroken since May. A high-volume breakout above this level could trigger a rally towards the $3,000-3,400 range.
However, if ETH — already under pressure — falls below the $2,430 support without any shock developments, we could see an increase in selling pressure. If that happens, and ETH dips below the 3-month EMA at $2,380, the likelihood of a move towards $2,000 increases significantly.
ETF Movement in Solana Creates Excitement
Solana’s REX-Osprey SOL+Staking ETF is the first spot ETF to integrate staking rewards. Launching on July 2, 2025, this product offers investors exposure to both SOL price action and passive staking income. This first-of-its-kind ETF has been met with short-term positive sentiment.
However, this ETF development coincides with a weakening of Solana’s network fundamentals. Stablecoin value on the network has declined since the start of the year, and revenues have also fallen. This suggests waning interest in Solana, which is also making it technically difficult for SOL to break out of its short-term downtrend. At this stage, sustained interest in the ETF could boost demand for SOL again. For stronger price action, we’ll need to see a recovery in network usage and an increase in institutional fund flows.
Recent buying activity in Solana helped break the short-term downtrend. However, following the ETF news, the typical “sell the news” reaction in crypto kicked in, and the SOL price now appears to be retesting the trendline.
Accordingly, $148 is a key support level for SOL. If buyers can defend this level, it would confirm the continuation of the uptrend. In this case, we could see Solana advancing toward price targets of $165, $183, and $202, respectively.
Conversely, if daily closes fall below the $148 support, a pullback toward the $130 level becomes likely.
Bitcoin Cash Maintains Strong Outlook With the Support of Institutional Buying
Bitcoin Cash has recently emerged as one of the market’s standout assets. BCH, currently trading at $523, is revisiting levels not seen since December 2024.
After beginning its uptrend in April, BCH was only marginally affected by the May correction and managed to maintain its positive momentum through June. The recent divergence in BCH — both technically and in terms of investor interest — positions it as a notable option for short-term speculative trading. That said, the sustainability of this uptrend will depend on broader market conditions and macroeconomic developments.
Technically, the Stochastic RSI on the daily chart indicates that BCH may continue its upward move. Based on the last bearish wave (from December 2024 to April 2025), the nearest resistance lies at $544 (Fib 0.786). If BCH can close above this level on a weekly basis, it could continue its momentum toward the $620 resistance, followed by a medium-term target range of $720-840.
If BCH fails to break above $544, profit-taking may accelerate. In that case, a retreat to the $485 support (Fib 0.618) would be the likely first stop.
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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.
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