Altcoins surge 46% as Ethereum, Solana, Binance Coin rally

The crypto market is experiencing significant movement, with several leading altcoins showing signs of a breakout. The combined market cap of all cryptocurrencies except Bitcoin, referred to as Total2, has surged by over 46% since early April. This increase, while slightly below Bitcoin’s 47% rise over the same period, suggests that a substantial number of altcoins are benefiting from the current market conditions.

Ethereum (ETH) is one of the altcoins leading this surge. After a challenging period where ETH consistently declined against Bitcoin, the weekly ETH/USDT chart indicates that the bulls have successfully maintained the key $2,500 level, turning it into a strong support. The next resistance levels for ETH are at $3,000 and $4,100, with the all-time high at $4,860 now within reach. If the crypto market continues to gain momentum in the second half of 2025, ETH could potentially achieve even higher levels.

Solana (SOL) is facing three key resistance levels at $176, $188, and $203. Breaking through these levels and consolidating above them could pave the way for a new all-time high. However, there are concerns that the price of SOL might be suppressed until Solana ETFs receive approval, as significant amounts of SOL have been leaving Binance and moving to Wintermute.

Binance Coin (BNB) has quietly broken through its last major resistance level before reaching its all-time high. If BNB can hold above $673 for the rest of the week, it will flip this level into support, allowing the bulls to build a base for the next upward move in the bull market.

Despite these positive developments, the weekly Stochastic RSI indicators for these major altcoins are at overbought levels, signaling a potential need for extended sideways price action to reset the indicators. This could involve the indicators resetting all the way back down or potentially stabilizing around the 80.00 level, similar to the October 2023 to March 2024 rally.