The idea of an altcoin season rolling in is still active, and early signals are starting to surface. These signs are not through price moves but through changes in on-chain behavior and trader activity.
At the center of these observations is Ethereum, the leading altcoin, which has always led previous altcoin seasons. However, other interesting behavior is showing up in other large-market-cap cryptocurrencies, which implies any altcoin season from here might be different from previous ones.
Ethereum Usage Holds Even With Price Consolidation
On-chain signals linked to an altcoin season are beginning to appear across several large-market-cap cryptocurrencies, which implies that any rotation into altcoins may not be driven by Ethereum alone this time. That said, Ethereum is still exhibiting a set of familiar traits that have always placed it at the center of past altcoin cycles.
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For example, on-chain data shows Ethereum maintaining activity levels close to cycle highs even as its price continues to move sideways, fluctuating above and below $3,000. In previous market periods, consolidations of this nature were typically paired with a noticeable decline in network usage as traders lost interest and speculative activity cooled.
This time, that pullback in engagement has not materialized. Active addresses and transaction activity are still high, with the recent numbers coming in around 472,000 active addresses. In previous altcoin cycles, similar conditions appeared just before Ethereum began to outperform Bitcoin and led the rotation into altcoins. Now, history might be repeating itself.
XRP, Solana, And BNB Reflect Early Altcoin Season Positioning
In addition to Ethereum, behavior across other large-cap altcoins adds context to the setup of an incoming altcoin season. Notably, on-chain data tied to XRP shows that whales are not sending tokens to exchanges after recent price moves. The current lack of sustained inflows from XRP whales into crypto exchanges means that larger holders are holding their positions, which is a behavior more consistent with anticipation than profit-taking.
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At the same time, Solana is also beginning to see a return of retail participation. Trading activity is picking up, but the data is still far below the levels typically associated with euphoric phases. Historically, this stage has appeared before momentum expands, when interest starts to grow, not at the end of it.
Another piece of the on-chain activity comes from BNB, where average spot order sizes have been large and consistent despite relatively uneventful price action. BNB’s price action looks boring on the outside, but average spot order sizes are at levels similar to those seen before the altcoin season in 2021, and this can be taken as a sign of something interesting brewing beneath the surface.
Taken together, these on-chain signals reinforce the idea that if Ethereum does drive the next altcoin season, the course of events might be much more collective and differ from the previous altcoin seasons.
