Once the tax-selling season winds down and 2026 kicks in, we might see an interesting confluence of market forces. Precious metals could be topping out while equities maintain their rally—stocks have been on a tear throughout 2025 and show no signs of slowing down. In that scenario, Bitcoin might reclaim the 120-125k range, and Solana could revisit the 250+ territory. Meanwhile, there's chatter about certain emerging projects getting major accumulation attention, with some market participants reportedly building substantial positions. The question becomes: what's the realistic market valuation for these newly-hyped tokens in a risk-on environment? Understanding the market cap dynamics of emerging assets during bull run cycles is crucial for evaluating their long-term sustainability and actual utility proposition.