Polkadot News Today: Altcoin Season Index Jumps 58% as JASMY, DOT, WIF Gain Traction

The altcoin season index has surged, indicating a shift in market dynamics where alternative cryptocurrencies are gaining traction. The index jumped to 58, its highest level in months, while the closely watched crypto Fear and Greed index jumped into the greed zone at 68. These metrics suggest that most altcoins are poised for a strong rally in the coming weeks.

JasmyCoin (JASMY), often referred to as Japan’s Bitcoin, is one of the top cryptocurrencies to consider as the altcoin season begins. On-chain metrics reveal that whales have been accumulating JASMY this year, now holding 6.93 million tokens, a 40% increase from the same period last month. Additionally, the supply of JASMY held in exchanges has decreased by 6.4% in the last 30 days. Technical indicators are also favorable, as JASMY has jumped above the 50-day and 200-day moving averages and is nearing a crucial resistance level at $0.021. A break above this level could signal further gains, potentially reaching the 50% retracement level at $0.033.

Polkadot (DOT) is another strong contender for investment as the altcoin season starts. There is a high likelihood that the SEC will approve a spot DOT ETF later this year, which could attract more inflows from Wall Street investors. Additionally, Gavin Wood, the founder of Polkadot, has proposed measures to reduce inflation by eliminating staking rewards. Currently, Polkadot distributes 500 million DOT tokens annually, with most recipients selling them, creating selling pressure. Wood's proposal aims to reduce token creation to less than 9 million. Polkadot’s ecosystem is also expanding, with notable dApps like Hydration, a DeFi platform, and FIFA Rivals, a game, gaining traction. The Polkadot price has formed a giant double-bottom pattern at $3.5 and a neckline at $5.4, indicating potential gains to the neckline at $5.40 and the 50% retracement at $7.35.

Dogwifhat (WIF), a leading meme coin in the Solana ecosystem, is another top crypto to consider. WIF has moved above the 200-day moving average and formed a cup-and-handle pattern with a depth of 76%. The upper side of this cup is $1.3473, and measuring the same distance from the cup’s upper side gives its target to $2.37, slightly below the 50% retracement point.

Other potential coins that may thrive during this altcoin season include Tron, XRP, and Stellar, due to their exposure to stablecoins. Ethereum and Solana are also expected to attract more institutional investors. The broader crypto market reflects a strong risk-on tone, with various altcoins showing impressive gains. This trend suggests that the altcoin season is in full swing, offering investors a range of opportunities to capitalize on the current market dynamics.