Crypto Analytics Firm Santiment Identifies Bullish On-Chain Signals for Altcoins
Crypto analytics firm Santiment has identified several altcoins that are showing bullish on-chain signals. According to Santiment, the native tokens of decentralized exchanges SushiSwap (SUSHI) and Injective Protocol (INJ), decentralized finance platform CurveDAO (CRV), and cross-chain protocol Biconomy (BICO) are being moved into self-custody, resulting in a decrease in their supplies on exchanges.
Santiment also noted that the native tokens of Reef Finance (REEF) and Aelf (ELF) have experienced significant swaps from exchanges to cold wallets. The firm believes that these movements off exchanges are positive indicators for future prices.
Whale Transactions Surge for Linear Finance and Decentraland
Santiment reported that whale transactions for Ethereum-based synthetic assets platform Linear Finance (LINA) and Ethereum-based virtual reality platform Decentraland (MANA) have reached a three-month high. Despite their relatively unremarkable price performances in 2023, the increase in whale transactions suggests potential bullish activity.
Bitcoin’s Social Dominance Drops as Altcoin Chats Surge
Santiment revealed that Bitcoin’s social dominance, measured by its discussion on social media platforms, has hit a three-month low. The firm attributes this decline to traders becoming distracted by other assets. Additionally, Santiment believes that the rise in altcoin discussions while Bitcoin’s social dominance falls indicates market greed.
Hot Take: Altcoins Show Promise as On-Chain Signals Point to Bullish Momentum
According to crypto analytics firm Santiment, several altcoins are displaying positive on-chain signals. The movement of tokens from exchanges to self-custody wallets for various altcoins suggests a potential price increase. Additionally, increased whale transactions for Linear Finance and Decentraland indicate growing interest in these assets. On the other hand, Bitcoin’s social dominance has dropped as traders focus on alternative cryptocurrencies. This shift in attention may signify market greed. As investors look beyond Bitcoin, altcoins show promise for future gains.
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