After facing a brutal sell-off earlier this week, altcoins have made a strong comeback, with several top altcoins registering double-digit gains. Solana (SOL) and Chainlink (LINK) have been the standout performers, surging 10% and 8% respectively in the last 24 hours.

This resurgence in altcoin prices coincides with a 2% drop in Bitcoin's dominance, suggesting a shift in liquidity towards alternative cryptocurrencies. Crypto analyst Michael van de Poppe noted that altcoin pairs against Bitcoin often show signs of a bottoming process before their USDT counterparts, hinting that the alt season could be on the horizon.

The "Total 3 Index" comprising Bitcoin and Ethereum has held strong at support levels, further fueling speculation that the altcoin market may have already reached its bottom. With Solana and Chainlink clearing key resistance levels, the technical indicators suggest that the bottom could indeed be in for these altcoins.

The latest developments in the Mt. Gox Bitcoin repayment case have also contributed to the renewed optimism in the altcoin market, as investors anticipate a potential capital influx into the broader cryptocurrency ecosystem.