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CryptoQuant analyst Darkfost said signs of overheating and slowing momentum are emerging in the altcoin market even as the rally continues.
Darkfost said the share of Binance-listed altcoins trading below their 200-day moving average fell to 13% from 80% in August, leaving 87% above their long-term trend line. At the same time, exchange deposit counts for altcoins rose to their highest level since the market peak in October 2025, with weekly averages topping 22,700 on Binance, 8,300 on Coinbase and around 32,000 across other exchanges. Darkfost added that while those exchange inflows remain lower than in the early phase of the previous bull market, a bearish divergence has also appeared in the relative strength index, or RSI, for altcoin market capitalization, or Total2, suggesting momentum may be starting to weaken.