3 Key Metrics Signal Potential ‘Up Only Season’ for Altcoins, Say Analysts

According to Cointelegraph: The crypto market is showing signs of recovery after a recent sell-off, and analysts suggest that an altcoin season could be imminent based on three key metrics. According to crypto traders, many altcoins are exhibiting bullish patterns that could signal the market is on the verge of an "up-only season."1. Altcoin Season IndexPseudonymous analyst Moustache highlighted a bullish formation in the Altcoin Season Index, which tracks the performance of the top 50 altcoins compared to Bitcoin. On Oct. 11, Moustache pointed out an inverse head-and-shoulders (IH&S) pattern on the chart, a strong indicator that a downtrend is weakening and altcoins could soon outperform Bitcoin. This pattern, formed between 2022 and 2024, suggests that Bitcoin dominance may be declining, potentially ushering in an altcoin rally.Altcoin season index forms IH&S pattern. Source: MoustacheDespite the bullish outlook, the Altcoin Season Index currently sits at 39. For an official altcoin season to be declared, 75% of the top 50 altcoins need to outperform Bitcoin over a 90-day period.2. Stochastic RSI Bullish CrossoverAnother positive sign comes from the Stochastic RSI, a momentum oscillator that measures the strength of price movements. According to independent analyst Titan of Crypto, the three-week chart has shown a bullish crossover, indicating that a major altcoin rally could be approaching. When the Stochastic RSI crosses above its signal line, it suggests a potential upward trend, which historically has led to strong altcoin market moves.Stochastic RSI produces a bullish cross. Source: Titan of Crypto3. TOTAL3 Market Cap RecoveryThe TOTAL3 market cap, which tracks the total value of cryptocurrencies excluding Bitcoin and Ethereum, has been in recovery since Sept. 6. Data shows that TOTAL3 has climbed by 19%, rising from a low of $516.7 billion to a high of $617.8 billion before settling at $601.5 billion. This rebound has pushed TOTAL3 above a key support zone, signaling continued altcoin growth.Altcoins have maintained their uptrend above the ascending trendline, with the RSI moving from 45 to 53 over the past few days. If TOTAL3 stays above its major resistance zone, altcoins could continue to rally, potentially marking the start of the long-awaited altseason. Total crypto market cap excluding BTC. Source: TradingViewWith these metrics aligning, analysts believe the market may soon enter a period of sustained growth for altcoins. However, the market will need to hold its current levels to confirm the bullish outlook.