Raoul Pal Maps Out Altcoin Season: ETH, SOL, XRP Take the Lead

Raoul Pal, co-founder and CEO of Real Vision and Global Macro Investor (GMI), has shared his latest outlook on the crypto market. His focus is on top altcoins and the broader liquidity backdrop that could fuel the next big rally.

Pal said the crypto market is preparing for a breakout, but many parts of the ecosystem remain in what he calls the “waiting room.” Bitcoin and Ethereum have already set the tone, while other cryptocurrencies are still waiting for momentum to return.

He pointed to the Total3 index (which excludes Bitcoin and Ethereum) as “ready to launch from the waiting room,” meaning that the broader altcoin market could be the next to move. “People need to learn patience. The path is clear…but never, ever expect tick for tick perfection. Its the pattern that counts,” he wrote.

Pal shared a fresh Ethereum chart and called its current phase “Full Port.”

The chart shows ETH breaking out of a long consolidation pattern that has been building since 2021, with higher lows steadily pressing against resistance.

For Solana, Pal said it is “next to leave the waiting room.” The chart shows SOL pressing against a key resistance level after a long period of accumulation.

On XRP, Pal said it is “in the process of full porting.” While he didn’t expand further, the phrase could mean that XRP’s ecosystem is shifting toward its next growth phase.

Sui is in the waiting room and will follow Solana. Dogecoin remains in the waiting room as well and will only “fully port” once other altcoins begin to move.

Pal compared today’s setup to the 2017 crypto boom, though he said that markets never repeat perfectly.

He said this cycle could last longer than most expect, with the bull market extending into early 2026 and possibly even mid-2026. A slower global business cycle and higher liquidity for an extended period are creating the conditions for a longer run.