Recent data suggests that an altcoin season may be on the horizon despite months of price declines ranging from 30% to 70% for many altcoins.

The total market cap of altcoins, excluding Bitcoin (CRYPTO:BTC), has surged by 4.78% in the last 24 hours, approaching $1 trillion, fueling speculation about an imminent altcoin rally.

Analysts point to indicators like the TOTAL2 market cap, which has historically preceded altcoin surges, showing promising trends recently.

Moreover, the decline in Bitcoin dominance from 55.04% to 54.68% indicates a potential shift towards altcoins outperforming BTC, reminiscent of past bullish cycles.

The pending approval of Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL) spot ETFs further bolsters optimism for altcoin prices, with experts predicting significant market moves if these ETFs are greenlit.