The analyst stated that the altcoin season is over, and that three altcoins, Hyperliquid (HYPE), ONDO, and Quant (QNT), are under threat.
Bitcoin, the leading cryptocurrency, started the new week lower ahead of the release of important economic data from the US, falling below $74,000.
Major altcoins also experienced sharp losses during this decline, with Ethereum falling 5% in the last 24 hours to around $2,120, XRP dropping 6.5% to $1.08, and Solana falling 3.2% to $86.
This situation has raised concerns about further declines in the market, with popular analyst Ali Martinez stating in a post on his X account that the altcoin market faces a higher risk of further losses.
Altcoin Season is Over!
The analyst began his post by writing that “the altcoin season is over,” and stated that three altcoins, Hyperliquid (HYPE), ONDO, and Quant (QNT), are under threat.
The analyst stated that HYPE, ONDO, and QNT prices are approaching critical support levels, and a break below these levels could accelerate the declines.
What are the Critical Levels for HYPE, ONDO, and QNT?
According to the analyst’s assessment, HYPE risks falling below the horizontal price range it has been trading in for approximately two months. At this point, the analyst predicts that if the $75 level is not regained, the price could fall to $64, and if selling pressure continues, it could drop further to $53.
On the Ondo side, ONDO is showing signs of falling below the lower end of the upward channel it has maintained since the beginning of the year. According to the analyst, if the weakness continues below the $0.35 level, it will confirm this support break and pave the way for further declines that could go as far as $0.26 or $0.19.
Finally, the analyst analyzing QNT noted that while QNT hasn’t yet fallen below its key support level, the price is currently trapped within a symmetrical triangle formation. At this point, the analyst stated that a four-hour candle closing below $190 could confirm a bearish breakout. In this case, the next downside target could be $160.
The analyst added that all three altcoins tested key support levels, and their inability to hold these levels could lead to further declines in the altcoin market.
*This is not investment advice.
