Altcoin Season Could Be Starting Soon as Whales Target XRP, SOL, and HYPE

After Ethereum's price surge gave altcoins a short rally, things cooled down quickly. Now, signs of a market uptrend are showing again.

The crypto market has seen a few interesting shifts in recent days, with experts weighing in on the possibility of altcoin season finally arriving.

While a complete bull run has yet to be confirmed, the signs are certainly pointing in that direction. With Bitcoin’s dominance decreasing and signs of a market uptrend emerging, the stage is set for a potential surge in altcoins.

One reliable indicator that's being closely monitored is whale activity. When large investors quietly begin accumulating certain coins, it usually bodes well for the future of those coins.

And according to Altcoin Buzz, three altcoins in particular have been catching the attention of whales with massive purchases.

XRP

XRP has remained in the spotlight for years due to its ongoing legal battle with the U.S. SEC. While most of the case has been settled, a few parts remain, and the outcome will likely have a significant impact on the crypto market.

Moreover, Ripple recently announced plans to acquire Circle—the company behind USDC, one of the largest stablecoins. The $11 billion deal could help Ripple expand its presence in the stablecoin sector.

As expected, whales have taken notice of these developments. In recent weeks, enormous amounts of XRP have been moved, including a single transaction of $567 million from Kraken to an unknown wallet.

Another whale scooped up 10 million XRP on Bitfinex. XRP is now down by more than 2% trading at $2.28.

Solana (SOL)

Solana has had its fair share of ups and downs. After reaching a peak of $262, SOL experienced a dramatic decline to around $105 in just three months.

However, as always, Solana managed to bounce back, and it is currently being traded at a price point of $172.

Furthermore, a substantial amount of $175 million has been bridged from other chains to Solana, and Circle has minted $1.5 billion of USDC on the network over the past month.

Naturally, this activity has caught the attention of whales, who have been seen transferring nearly $485 million worth of SOL in large transactions recently.

Hyperliquid (HYPE)

Lastly, there’s Hyperliquid (HYPE), one of the most trending projects in recent months.

The platform hit the news in March when a whale’s risky trades on a memecoin led to a $12 million loss for Hyperliquid.

Despite this setback, HYPE token quickly recovered. From about $10 in early April, it surged past $37, getting closer to its all-time high of nearly $40. In fact, it’s now just a few percentage points away from setting a new record.

Over the past two days alone, five whales purchased $27.8 million worth of HYPE, with three more adding another $5.3 million today.