 
 
Recent market analysis points to an approaching altcoin season. However, the transition is unfolding quietly rather than through explosive price action.
History shows that the start of altcoin rallies is rarely dramatic, but when usage, capital flows, and investor patience align beneath the surface. As it stands, network activity across various blockchains supports this view.
For one, Ethereum usage is near cycle highs even as the price trades sideways, suggesting persistent demand rather than speculative interest exiting the market.
This type of sustained activity has often preceded periods of aggressive capital rotation into altcoins.
Meanwhile, XRP whales have not rushed to exchanges despite recent price moves. The absence of heavy whale distribution points to positioning rather than profit-taking, as observed early in expansion phases.
 
Likewise, Solana is seeing fresh retail participation, though sentiment is more measured than euphoric. That stage usually marks the buildup before momentum accelerates, not the end of a rally.
Even when we look at BNB, which appears stagnant on the surface, the token is still posting big and steady average order sizes. That pattern shows that capital is rotating methodically rather than impulsively, driven by utility rather than short-term hype.
Analysts have pointed out that altcoins exhibit a technical pattern mirroring the so-called “Millionaire Maker” setup observed in 2021. That structure preceded a massive macro breakout that delivered impressive gains across the altcoin sector.
If this pattern holds, some expect a rotation that could push the total altcoin market capitalization toward $4 trillion.
Moving on, data from CoinMarketCap shows that the Altcoin Season Index is low at 30 out of 100, which indicates “Bitcoin season. However, the rise from last month’s reading of 19 suggests momentum is building.
Performance dispersion among top assets supports this growth, with ZEC, JST, and XMR posting notable 90-day gains, while others lag.