On-chain data shows signs of an altcoin winter may be emerging as Ethereum, Solana, and other cryptocurrencies have seen a decline in activity. Altcoins Are Observing A Drop In On-Chain Activity In a new thread on X, institutional DeFi solutions provider Sentora (formerly IntoTheBlock) has talked about how interest in altcoins has been cooling off recently. Related Reading: CryptoQuant Head Reveals Reason Behind Bearish Bitcoin Trend The on-chain indicator of relevance here is the &#8220;Active Addresses,&#8221; which measures, as its name suggests, the total number of addresses that are participating in some kind of transaction activity on a given network every day. When the value of this metric rises, it means more users are making transfers on the blockchain. Such a trend implies trading interest in the cryptocurrency may be on the rise. On the other hand, the indicator witnessing a decline suggests investors may be shifting their attention elsewhere as they are reducing their transaction activity on the network. Now, here is a chart that shows the trend in this indicator for Ethereum, the largest of the altcoins, over the last few years: As displayed in the above graph, the Ethereum Active Addresses metric was at a high of 589,000 in late July. Since then, activity on the network has gone downhill, with there now being 488,000 addresses making transactions, around 17% lower than the peak. &#8220;Fewer users interacting on ETH indicates weaker on-chain demand, a pattern seen in past bear-market phases,&#8221; explained Sentora. Solana, another prominent altcoin, has been showing a similar trend. How the monthly value of the Active Addresses has changed for SOL over the last few years | Source: Sentora on X From the chart, it&#8217;s clear that the monthly version of the Active Addresses witnessed a notable decline for SOL during Q3 2025. More specifically, active users on the blockchain dropped by about 30% in this period. &#8220;Solana has been the out-performer this cycle, but momentum is cooling,&#8221; noted the analytics firm. Memecoins have been hit hard in the recent market downturn, and the same has held true for their on-chain activity. Dogecoin, the largest meme-based token, has only witnessed a slight decrease in Active Addresses, but Pepe has gone through a drawdown of 85%. &#8220;This drop shows how quickly speculative user bases can evaporate,&#8221; said Sentora. Related Reading: Crypto Analyst Maps Out Dream Ethereum Scenario To $8,000 Finally, the analytics firm has also highlighted that DeFi trading volume has started to trend down as well. The metric is still relatively strong compared to other cryptocurrency-related indicators, but a change in direction is apparent. With the crash in prices and downturn in on-chain activity, is the altcoin sector entering a season of winter? &#8220;It&#8217;s too early to tell but the current data echoes past cycles,&#8221; noted Sentora. &#8220;We are already 6+ months into an altcoin slowdown, with winter signs popping up.&#8221; Ethereum Price Ethereum has plunged alongside the rest of the market during the past day as its price has retraced to $3,300. Featured image from Dall-E, chart from TradingView.com

Altcoin Winter Here? Ethereum, Solana Activity Plunges

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Ethereum price started a fresh decline below $3,550. ETH is struggling below 
$3,400 and might decline further if it stays below $3,500. Ethereum started 
another bearish wave after it failed to clear $3,650. The price is trading 
below $3,500 and the 100-hourly Simple Moving Average. There is a bearish 
trend line forming with resistance at $3,450 on the hourly chart of ETH/USD 
(data feed via Kraken). The pair could continue to move down if it trades 
below $3,200. Ethereum Price Dips Sharply Ethereum price failed to stay in a 
positive zone and started a fresh decline below $3,550, like Bitcoin. ETH 
price declined below $3,500 and $3,450 to enter a bearish zone. The decline 
gained pace below $3,350. Finally, the bulls appeared near $3,050. A low was 
formed at $3,058 and the price is now consolidating losses. There was a 
recovery wave above the 23.6% Fib retracement level of the recent decline from 
the $3,920 swing high to the $3,058 low. Ethereum price is now trading below 
$3,400 and the 100-hourly Simple Moving Average. If there is a decent 
increase, the price could face resistance near the $3,350 level. The next key 
resistance is near the $3,480 level and the 50% Fib retracement level of the 
recent decline from the $3,920 swing high to the $3,058 low. There is also a 
bearish trend line forming with resistance at $3,450 on the hourly chart of 
ETH/USD. The first major resistance is near the $3,500 level. A clear move 
above the $3,500 resistance might send the price toward the $3,550 resistance. 
An upside break above the $3,550 region might call for more gains in the 
coming days. In the stated case, Ether could rise toward the $3,750 resistance 
zone or even $3,800 in the near term. More Losses In ETH? If Ethereum fails to 
clear the $3,500 resistance, it could start a fresh decline. Initial support 
on the downside is near the $3,250 level. The first major support sits near 
the $3,200 zone. A clear move below the $3,200 support might push the price 
toward the $3,120 support. Any more losses might send the price toward the 
$3,050 region in the near term. The next key support sits at $3,020 and 
$3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing 
momentum in the bearish zone. Hourly RSI &#8211; The RSI for ETH/USD is now below 
the 50 zone. Major Support Level – $3,200 Major Resistance Level – $3,500

Cryptocurrency price in THB