Most ultraluminous X-ray sources (ULXs) are now thought to be powered by stellar-mass compact objects accreting at super-Eddington rates. While the discovery of evolutionary cycles have marked a breakthrough in our understanding of the accretion flow changes in the sub-Eddington regime in Galactic Black Hole Binaries, their evidence in the super-Eddington regime remained elusive. However, recent circumstantial evidence had hinted the presence of a recurrent evolutionary cycle in two archetypal ULXs, Holmberg II X-1 and NGC 5204 X-1. Here we build on our previous work and exploit the long-term high-cadence monitoring of Swift-XRT in order to provide evidence of the evolutionary cycle in these two sources and investigate the main physical parameters inducing their spectral transitions. We study the long-term evolution of both sources using hardness-intensity diagrams (HID) and by means of Lomb-Scargle periodograms and Gaussian processes modelling to look for periodic variability. We show that both sources follow a recurrent evolutionary pattern in the HID that can be characterized by the hard ultraluminous (HUL) and soft ultraluminous (SUL) spectral regimes, and a third state with characteristics similar to the supersoft ultraluminous (SSUL) state. The transitions between the soft states seem aperiodic, as revealed by timing analysis of the light curve of Holmberg II X-1, albeit further investigation is warranted. The light curve of NGC 5204 X-1 shows a periodicity of $\sim$ 200 days, possibly associated with the duration of the evolutionary cycle. We support a scenario in which the spectral changes from HUL to SUL are due to a periodic increase of the mass-transfer rate and subsequent narrowing of the opening angle of the supercritical funnel. The narrower funnel, combined with stochastic variability imprinted by the wind, might explain the SUL--SSUL spectral changes.