Santiment Identifies Six Ethereum-Based Altcoins and Two Low-Cap Crypto Assets Showing Bullish On-Chain Signals

According to crypto analytics firm Santiment, eight altcoins are indicating upward price movement.

According to crypto analytics firm Santiment in a new report published on [DATE], supply held on exchanges is decreasing for several Ethereum-based tokens as assets are moved into self-custody wallets.

The native tokens seeing significant outflows from exchanges include SUSHI (SushiSwap), INJ (Injective Protocol), CRV (CurveDAO), and BICO (Biconomy). Santiment also noted major exchange outflows for REEF (Reef Finance) and ELF (Aelf) among the "biggest 2023 swaps from exchanges to cold wallets."

"Historically, these kinds of major waves off exchanges are good for future prices," Santiment explained regarding the potential impact.

When crypto assets are withdrawn from exchanges to private storage, it can signify investors' longer-term confidence reducing liquid token supply available for trading. According to CoinMarketCap, SushiSwap's SUSHI is currently trading around [PRICE] as of writing.

Crypto analytics provider Santiment reports that whale transactions have spiked to a three-month high for two Ethereum-based assets - Linear Finance (LINA) and Decentraland (MANA).

In a new report, Santiment noted that while LINA and MANA have seen relatively modest price action so far in 2023, its data shows increased large holder activity for both over the past week.

"Linear and Decentraland have had fairly unassuming price performances in 2023. But they have highlighted an uptick in altcoin whale transactions that are showing on Santiment’s dashboards to start the week," the firm stated.

According to CoinMarketCap, MANA is currently trading around [PRICE] and LINA is trading around [PRICE] at the time of writing. Santiment suggests the increased whale activity could signify growing institutional interest in these Ethereum-based tokens.

The analytics firm reports a notable decline in Bitcoin (BTC) discussion levels on social media platforms, referred to as social dominance, reaching a three-month low. This decrease is attributed to traders being "distracted by other assets." Santiment suggests that the diminishing social dominance of Bitcoin, concurrent with increased discussions about altcoins, signifies a prevailing "market greed."

Sep 28, 2023