Like Bitcoin, US stocks also traded at or near record highs this week, as investors remain in risk-on mode, with concerns related to the inflationary effects of tariffs subsiding.
BTC/USD 1-Day Price Chart. Source: TradingView
Is Bitcoin Running Out of Steam?
Within crypto circles, the debate now rages as to whether the Bitcoin bull run may be running out of steam. History shows that the rally that began in early 2023 is now long in the tooth, and eventually, forces emerge that lead to a significant pullback.
But that doesn’t necessarily mean that King Crypto is done for this cycle, as conditions are more favorable than ever before for an extended rally. Along with rising institutional adoption, the regulatory environment is also improving, with Congress passing its first substantial piece of crypto legislation last week – the GENIUS Act – while two additional bills were approved by the House of Representatives and will now be debated in the Senate.
Thus far, support at $116,000 has remained unwavering, with market analyst Titan of Crypto highlighting the formation of and breakout from a bull flag pennant and suggesting that the next target for BTC/USD is $140,000.
#Bitcoin Bull Pennant Breakout : Target $140,000 ?
Patience has paid off. ?
Welcome to the final and most explosive phase of the bull run. ??? pic.twitter.com/zAMq7UlWop
— Titan of Crypto (@Washigorira) July 21, 2025
The real story, however, is the sharp decline in Bitcoin dominance, which has occurred since the start of July despite BTC’s record-setting rally.
Bitcoin Dominance. Source: TradingView
For those more experienced with crypto, they know this means one thing: altseason is officially underway. When Bitcoin’s price is rising while dominance is falling, that means altcoins are starting to outperform BTC.
The first signs of an approaching altseason appeared in early May, largely driven by the bullish turnaround for Ether (ETH) following the successful launch of the Pectra upgrade on its mainnet.
Since then, multiple altcoins have experienced impressive growth, and investors are optimistic that this is just the beginning. The real fun will begin when traders start taking profits from Bitcoin and rolling it over into the alts, which has typically preceded the final blow of top phase of the bull cycle.
At the time of writing, Bitcoin is trading at $118,870, representing a 1% increase on the 7-day chart.
Solana Heating Up
Solana (SOL) is among the top 10 tokens suggesting that altseason is starting to kick into high gear. Since hitting a low of $95.10 on April 7, the SOL price has increased nearly 120%, including a 27.5% rally over the past week.
SOL/USD 1-Day Chart. Source: TradingView
This surge has been aided by increased institutional involvement.
SSK, the Solana staking exchange-traded fund (ETF) from REX-Osprey – the first US-based SOL ETF to offer on-chain staking rewards – surpassed $100 million in assets under management (AUM) since its launch on July 2.
Additionally, Nasdaq-listed firm DeFi Development Corp announced its most recent purchase of Solana, acquiring 141,383 SOL for $198 million between July 14 and July 20, bringing its total stack to 999,999 tokens.
DeFi Development Corp is demonstrating the earning potential of staked crypto assets to the investing world, and more firms are taking notice. With its high speed and low-cost capabilities, an increasing number of corporate treasury managers are now eyeing SOL as a strategic acquisition.
These developments, along with rising optimism about a potentially massive altseason, have traders bullish on Solana, with some in hyperbullish mode.
According to market analyst and ByBit partner Chriatiaan, SOL could hit a high of $400 to $450 this cycle.
$SOL is ready for a massive pump.
Targeting $400-$450 for this bull run. pic.twitter.com/gYc6AmBBOt
— Christiaan (@ChristiaanDefi) July 21, 2025
Trader Tardigrade is decidedly more bullish, predicting that the formation of a cup and handle pattern on the two-month chart is pointing to a $4,800 Solana price – though he noted that it could take a “few years” for this scenario to play out.
#Solana will reach $4,800 ?
In a few years, this long-term investment could yield significant profits.
A cup and handle pattern has developed over 4 years on the macro 2-month chart.
The breakout of the handle is imminent.$SOL/M2 pic.twitter.com/P3Hs3Jzdd6— Trader Tardigrade (@TATrader_Alan) July 21, 2025
Regardless of how high it might fly soon, Trader Tardigrade and other analysts agree on one point: “The breakout of the handle is imminent.”
At the time of writing, Solana is trading at $201.38, representing a 23.5% increase on the 7-day chart.
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