On-Chain Activity Suggests Short-Term Rebound Opportunities for Ethereum and Altcoins: Santiment
Crypto analytics firm Santiment suggests that Ethereum (ETH) and two altcoins may experience short-term price rallies based on on-chain activity.
Santiment observes that traders of ETH, Shiba Inu (SHIB), and SushiSwap (SUSHI) displayed signs of panic recently. These networks exhibited some of the highest levels of trader loss-taking in 2023, which Santiment considers to be indications of a potential short-term rebound opportunity.
As of now, ETH is trading at $1,648 with a nearly 2% increase in the past 24 hours. SHIB is trading at $0.000007, up 0.67% in the past 24 hours, while SUSHI is trading around $0.578 with over a 3% increase in the same period.
Santiment also notes that traders are showing bullish sentiment towards Avalanche (AVAX) due to the launch of Friend.tech challenger Stars Arena, a decentralized social finance application (SocialFi) on the AVAX blockchain. The launch has resulted in increased AVAX address activity.
Currently, AVAX is trading at $10.66, experiencing a nearly 5% increase in the past 24 hours.
Hot Take: Potential Upside for Ethereum and Altcoins
Based on on-chain activity and trader sentiment, Ethereum and altcoins like Shiba Inu and SushiSwap could see short-term price rebounds. Santiment’s analysis reveals that panic among traders has led to significant loss-taking, which often indicates a potential opportunity for a rebound. ETH, SHIB, and SUSHI have shown resilience in the market despite recent volatility.
Furthermore, traders are optimistic about Avalanche (AVAX) due to the successful launch of Stars Arena on its blockchain. This has sparked increased activity and interest in AVAX. As the crypto market continues to evolve, keeping an eye on on-chain activity can provide valuable insights for traders and investors seeking short-term opportunities.
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