After the CPI data stabilized, market sentiment clearly warmed up, and the panic caused by the major non-farm report has basically been fully digested. During such times, altcoin speculators often start with a small-scale test, for example, pulling up 20%-30% to see if anyone is willing to follow along. If market sentiment is good and there are many participants, it may directly initiate the upward trend; but if participation is sparse, the speculators and large holders may fear losing without reason and simply choose to hold onto their positions and wait for the next opportunity.
However, as the interest rate cut approaches, the opportunity cost of this 'holding back for the next time' is increasing. After all, if one gives up this time, there may not be another chance to pick up at a low price next time.
Moreover, with Ethereum officially joining the ETF camp originally belonging to Bitcoin, the position of the altcoin 'leader' is likely to shift to SOL. The logic is not complicated—most altcoin movements that lack independent narratives and do not have separate trends are not much different, so the largest one will naturally be regarded by the market as the 'leader', a typical situation of 'picking a general from among the dwarfs'.
