Chainlink (LINK) and Three Low-Cap Altcoins Could Witness More Rallies Amid Strong Network Activity: Santiment
A leading analytics firm, Santiment, suggests that Chainlink (LINK) and three other altcoins have the potential for further price surges based on bullish on-chain data. Santiment highlights that Chainlink’s decentralized oracle network is experiencing a rally due to increased unique address activity. The number of unique LINK addresses interacting on the network reached its highest level in two months. Santiment predicts that if market participants remain indifferent to Chainlink’s performance, the altcoin may continue to witness more rallies.
Currently, LINK is valued at $7.22, reflecting an increase of over 18% from its seven-day low of $6.09. Santiment also identifies three other altcoins that are outperforming the broader crypto markets: Loom Network (LOOM), Frontier (FRONT), and ImmutableX (IMX). These altcoins have experienced significant network growth through the creation of new addresses, leading to their recent price rallies.
Santiment also provides insights on Bitcoin. The analytics firm notes that the number of addresses holding less than 100 BTC has reached an all-time high, representing 41.1% of Bitcoin’s available supply. While non-whale wallets are accumulating Bitcoin, whales holding 100 to 100,000 BTC have been selling since June.
As of now, Bitcoin is trading at $26,641. Santiment’s analysis indicates that Chainlink and these low-cap altcoins may continue to experience rallies due to their strong network activity and increased adoption.
Hot Take: Chainlink and Low-Cap Altcoins Show Promising Rally Potential
Santiment’s analysis suggests that Chainlink (LINK) and three other low-cap altcoins have the potential for further price rallies. Chainlink’s increased unique address activity indicates a strong network, while the other altcoins, Loom Network (LOOM), Frontier (FRONT), and ImmutableX (IMX), have experienced significant growth in new addresses. This growth in network adoption can support their ongoing price rallies. Additionally, Santiment highlights the rising number of addresses holding less than 100 BTC, indicating increased accumulation by non-whale wallets. However, whales have been selling Bitcoin since June. Overall, these on-chain data readings indicate positive momentum for Chainlink and the selected altcoins.
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