the idea The altcoin season is still here, And early signs are beginning to surface. These signs are not caused by price movements, but by changes in on-chain behavior and trader activity.
At the center of these observations is Ethereum, a major altcoin that has consistently led the altcoin season thus far. However, other interesting movements have been observed in other cryptocurrencies with large market capitalizations. Altcoin season starts here It may be different from the previous one.
Ethereum usage will remain the same even with price consolidation
On-chain signals related to altcoin season are starting to appear across several large market cap cryptocurrencies, suggesting that rotation into altcoins is not solely driven by Ethereum this time. However, Ethereum still exhibits a set of familiar characteristics It has always been at the center of past altcoin cycles.
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For example, on-chain data shows that Ethereum maintains activity levels close to cycle highs even as the price continues to fluctuate sideways. Over and under $3,000. In previous market periods, this type of consolidation was usually combined with a noticeable decline in network usage as traders lost interest and speculative activity cooled.
This time, that engagement regression did not materialize. Active addresses and transaction activity remain high, with recent active addresses at approximately 472,000. In previous altcoin cycles, a similar situation appeared just before Ethereum started outperforming Bitcoin, leading the rotation towards altcoins. now, History may repeat itself.
XRP, Solana, BNB reflect early positioning of altcoin season
In addition to Ethereum, trends in other large altcoins add context to the upcoming altcoin season settings. especially, On-chain data associated with XRP whale showing Not sending token to the exchange after recent price changes. The current lack of sustained inflows from XRP whales to crypto exchanges means that large holders are holding positions, which is more in line with expectations than profit taking.
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At the same time, Solana is also starting to notice. Resurgence of participation in retail trade. Although trading activity is picking up, the data remains well below levels typically associated with the euphoria stage. Historically, this stage has appeared before momentum grows, when interest begins to grow, but not at its end.
Another element of on-chain activity comes from BNB. At BNB, the average spot order size has remained large and stable despite relatively flat price fluctuations. BNB’s Price action looks boring at first glancebut the average spot order size is at levels similar to those seen before the 2021 altcoin season, which can be taken as a sign that something interesting is going on under the surface.
Collectively, these on-chain signals strengthen the idea that if Ethereum drives the next altcoin season, the course of events may be more collective and different than previous altcoin seasons.
Featured image from Pixabay, chart from Tradingview.com
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