Crypto Analytics Firm Santiment Spots Bullish Signal in Ethereum-Based Altcoin

Crypto Analytics Firm Santiment Spots Bullish Signal in Ethereum-Based Altcoin

Santiment suggests that Illuvium (ILV), an Ethereum-based altcoin, may experience a potential rally based on a sharp increase in on-chain transaction volumes.

Cryptocurrency analytics platform Santiment is saying that one Ethereum (ETH) (ETH)-based crypto altcoin is showing indications of a potential rally according to on-chain data.

Santiment’s director of marketing Brian Quinlivan says that the interoperable blockchain tech game Illuvium (ILV) is flashing a potentially positive  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.

Reports by Quinlivan, the spike in Illuvium’s on-chain transaction volumes is coinciding with the crypto token price of the interoperable blockchain tech game potentially bottoming out.

“Illuvium has been sinking rapidly since its huge ascent over $106 in early February. Now back below $47, there is a concern that the supply on exchanges has steadily risen since then, and now sits at 14.5%.

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You’ll notice that the on-chain transaction volume for the ILV network has skyrocketed following this $14.0 Million transaction, the highest level in about 14 months.

This could potentially be a positive  tendency signal, seeing as it’s happening during what may be a plausible bottom area for the price.”

Illuvium is worth $46.90 at time of writing.

Turning to Lido DAO (LDO), Quinlivan reveals that while the Ethereum (ETH) liquid staking protocol has witnessed plenty of large on-chain transactions in the year, its supply on exchanges is relatively low for an altcoin.

“Lido Dao has had plenty 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 whole lot of spike in transaction volume.

What we do know is the fact that the supply on exchanges for LDO is just under 6%, which is relatively strong for an altcoin.”

Crypto Analytics Firm Santiment Spots Bullish Signal in Ethereum-Based Altcoin
Source: Santiment Insights

Lido DAO is currently worth $2.01 at time of writing.

Generated Image: Midjourney


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