- Cryptocurrency markets continue to struggle with sustaining upward momentum.
- Sellers view rallies as selling opportunities, but the buying power isn’t enough to push the market higher.
- Meanwhile, new data from market intelligence platform Santiment reveals that two little-known altcoin projects are poised for a significant surge.
Discover why Ethereum Name Service (ENS) and Treasure (MAGIC) are ready for a breakout, and get the latest insights on SHIB and LINK.
Ethereum Name Service and Treasure Show Signs of Explosive Growth
Santiment’s recent analysis indicates that Ethereum Name Service (ENS) and Treasure (MAGIC) have experienced a dramatic growth in network activity over the past 24 hours. Historically, such sudden surges in network activity while projects maintain stable price performance have often preceded significant price breakouts.
Network Activity Surge in ENS and MAGIC
The Ethereum Name Service (ENS) and decentralized Non-Fungible Token (NFT) ecosystem Treasure (MAGIC) have seen explosive network growth recently. Santiment’s data shows that both projects crossed major milestones, suggesting a breakout might be on the horizon. Currently, ENS is traded at $25.36, while MAGIC stands at $0.4688, highlighting the potential upside they hold.
Shiba Inu’s Divergence from the Market
Santiment has also turned its attention to Shiba Inu (SHIB), noting that the meme coin has been diverging from the broader crypto market recently. SHIB has shown modest gains of 5% over the weekend, primarily driven by off-exchange whale accumulation. As on-exchange whale holdings decrease, this dynamic could favorably influence SHIB’s price trajectory.
Off-Exchange Whale Activity in SHIB
The continuing accumulation of SHIB by off-exchange whales indicates a growing interest and confidence in the token. Santiment explains, “As Shiba Inu continues to part ways with other altcoins, off-exchange whale pockets grow, potentially paving the way for further price appreciation.” At the time of reporting, SHIB was trading at $0.00001598.
Chainlink’s Push Towards a Local Bottom
Chainlink (LINK) has also caught Santiment’s attention due to increased fear, uncertainty, and doubt (FUD) in the market. After experiencing liquidations worth millions, there is a strong possibility that LINK might find a local bottom. This sentiment shift could signal that the worst is over for LINK, potentially setting the stage for recovery.
FUD Driven Liquidations in LINK
Santiment’s analysis notes, “Chainlink’s recent significant losses and the spike in FUD among traders mark a critical point. This increased FUD is often a precursor to bottoming out, enhancing the likelihood of a rebound.” As of the latest data, LINK was trading at $12.81, having dropped 5.23% over the past 24 hours.
Conclusion
In summary, while the broader cryptocurrency markets face challenges in maintaining bullish momentum, specific projects like Ethereum Name Service, Treasure, Shiba Inu, and Chainlink show promising signs. With network growth and whale activity providing indicators, investors might find considerable opportunities within these assets. As always, remaining informed and relying on credible data sources will be crucial for navigating these dynamic markets.
