Santiment said that monitoring whale transactions in certain altcoins could be a leading indicator of price increases.

On Oct. 8, the on-chain analytics provider highlighted several crypto projects and altcoins that saw a significant increase in whale transactions over the past week compared to the previous week’s activity.

It added that coins that have been losing value but suddenly see a large spike in whales “are prime candidates for an upcoming rally.”

It noted that Cronos (CRO) was the leader in whale activity this week with a gain of 255%. However, CRO prices have fallen 7% over the past week and are down 2.7% on the day to $0.078.

When is Altseason?

Santiment reported that DeFi lending protocol Aave also saw high whale activity over the past week. But again, its native token AAVE is down 8% over the past week and 3.7% on the day, trading at $146, according to Coingecko data.

With this in mind, there may be a delay in the increase in spot prices of these tokens.

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As Bitcoin has failed to break through resistance levels multiple times over the past few months, calls for altseason continue to ring out on crypto social media.

On Oct. 8, cryptocurrency trader Laxman said that this is unlikely to happen until BTC hits a new all-time high above $74,000 and its market dominance starts to decline.

According to data from Coinglass, BTC dominance is currently just over 58%, close to its highest level since April 2021.

However, “CryptoYoddha” on X posted a chart depicting the increase in altcoin market capitalization, which could be a precursor to altseason.

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Crypto Market Outlook

While the altcoins highlighted by Santiment are moving in the wrong direction today, some are bucking the trend and making profits.

Among them is Sui (SUI), which surged 10% on the day to $2.10, just 3% away from its all-time high in March. SUI has risen 127% in the past month, largely due to the memecoin degens minted on the network.

Fantom (FTM) also performed well today, rising 4% to close at $0.70, while Aptos (APT) and Tron (TRX) were also in the green.

However, at the time of writing, total market capitalization is down 2.8% on the day to $2.28 trillion, leaving most altcoins in the red, with Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) posting even bigger losses.