Search Volume for 'Cryptocurrency Buy' Explodes...Are Altcoins Finally Paving the Way to Riches?

▲ Altcoin/ChatGPT generated image

While search volumes for 'cryptocurrency buy' have exploded in the crypto market, Bitcoin remains constrained by institutional selling pressure, but some altcoins like Solana, NEAR, and Hyperliquid are already showing signs of renewed capital inflow.

The crypto-focused podcast, The Lark Davis Show, analyzed in its May 26th (local time) episode that the search volume for 'cryptocurrency buy' has surged over the past month, indicating a return of public interest to the crypto market. The host evaluated that cryptocurrencies appear to be a relatively discounted market, given that semiconductor and AI stocks have risen to near all-time highs.

Bitcoin (BTC) was presented as being trapped between its 50-day exponential moving average (EMA) and 200-day EMA near $77,000. The 50-day EMA is barely holding as support, while the 200-day EMA acts as strong resistance near $81,000. The host believed that while a bullish crossover of the Moving Average Convergence Divergence (MACD) on the daily chart has not yet been confirmed, Bitcoin could rise rapidly with positive news.

However, institutional fund flows remain a concern. The host pointed out that recent outflows from Bitcoin ETFs, totaling $648 million, $333 million, $70 million, $100 million, and $105 million, indicate that Wall Street's selling pressure is preventing Bitcoin from rising. He cited Ray Dalio's view, explaining that Bitcoin is closer to a risk asset than a safe-haven asset, as investors move to gold and bonds, not Bitcoin, during times of crisis.

Among altcoins, Solana's (SOL) on-chain growth was highlighted as key. The host noted that Solana-based tokenized funds, tokenized stock markets, tokenized commodities, and stablecoin market capitalization are growing to or near all-time highs, asserting that the ecosystem continues to expand even if the chart looks weak. Solana fell from $98 resistance to $81, but the host stated that he views this range as a large accumulation zone.

Hyperliquid (HYPE), Zcash (ZEC), and NEAR Protocol (NEAR) were also mentioned as bullish coins. Hyperliquid is consolidating above its previous all-time high, and for Zcash, a breakout above $685 or a retest of major moving averages was presented as a key point to watch. NEAR Intents generated $33 million in fees in less than a year, and NEAR is approaching a bullish crossover of the MACD on the monthly chart. The host concluded that instead of aggressively chasing surging coins, a strategy of waiting for corrections and key support levels is needed.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*