Promising Signals of a Rally in a Top-30 Ethereum-Based Altcoin, Revealed by Crypto Analytics Firm – With a Twist

A High-Value Ethereum (ETH)-Based Altcoin Displays Promising Rally Indicators, as Analyzed by Santiment, a Crypto Analytics Platform.

According to Santiment, a range of metrics suggests the potential for a significant upswing in the native token of the blockchain oracle Chainlink (LINK). However, the realization of this prediction hinges on the performance of Bitcoin (BTC) and the broader cryptocurrency market.

Santiment's analysis reveals that Chainlink has reached a crucial level historically associated with impending price rebounds. In the event that Bitcoin and the overall crypto market maintain stability, the observed decrease in LINK's exchange supply, which currently stands at just 15.5%, indicates a bullish divergence.

At the current moment, LINK is trading at $6.00.

Shifting our focus to Maker (MKR), the governance token of the decentralized finance (DeFi) protocol, Santiment reports a significant accumulation of over $71 million worth of this cryptocurrency by influential investors known as whales and sharks since July 9th.

Santiment highlights Maker's impressive 12% daily gain, a notable achievement while the broader cryptocurrency market experiences a downturn. This remarkable uptick is predominantly attributed to the strategic accumulation by these high-value holders, who possess MKR assets ranging from $11,600 to $11.6 million. It is expected that their continued holdings will maintain a strong correlation with the future price movements of MKR.

At the present moment, MKR is trading at $1,155.

Regarding Bitcoin Cash (BCH), Santiment reports:

"Bitcoin Cash has experienced a robust price recovery, currently stabilizing at $214, rebounding from a low of $180 just two weeks ago. This positive development has placed both short-term and long-term traders in a profitable position for the first time since mid-June. The influence of whales in the market is expected to play a pivotal role in driving further price surges.

As of the latest update, BCH is trading at $206.

Sep 02, 2023