Cryptocurrency analytics platform Santiment is saying that one Ethereumย (ETH) (ETH)-based cryptoย altcoin is showing indicationsย of a potential rally accordingย to on-chain data.
Santimentโs director of marketing Brian Quinlivan says that the interoperable blockchainย tech game Illuvium (ILV) is flashing a potentially positiveย tendency signal amid a sharp boost in on-chain transaction volumes.
A $14 Million whale transaction, the largest since July of 2022, occurred early Thursday.
Reportsย by Quinlivan, the spike in Illuviumโs on-chain transaction volumes is coinciding with the cryptoย token price of the interoperable blockchainย tech game potentially bottoming out.
โIlluvium has been sinking rapidly since its huge ascent over $106 in early February. Now back below $47, thereย is a concern that the supply on exchanges has steadily risen sinceย then, and now sits at 14.5%.
Youโll notice that the on-chain transaction volume for the ILV network has skyrocketed followingย this $14.0 Million transaction, the highest level in about 14 months.
This could potentially be a positiveย tendency signal, seeingย as itโs happening during what mayย be a plausible bottom area for the price.โ
Illuvium is worth $46.90 at time of writing.
Turning to Lido DAO (LDO), Quinlivan reveals that while the Ethereumย (ETH) liquid staking protocol has witnessed plentyย of large on-chain transactions inย theย year, its supply on exchanges is relatively low for an altcoin.
โLido Dao has had plentyย of very large movements on its network throughout 2023.
So much so that this substantial transfer from one self-custody wallet to another has not brought a wholeย lotย of spike in transaction volume.
What we do know isย theย factย that the supply on exchanges for LDO is just under 6%, which is relatively strong for an altcoin.โ
Lido DAO is currentlyย worth $2.01 at time of writing.
Generated Image: Midjourney
