A leading analytics firm, Santiment, predicts that Chainlink (LINK) and three other altcoins will likely experience continued surges based on bullish on-chain data readings. Santiment notes that the increased activity of unique addresses interacting on the Chainlink network is driving the rally. In fact, the number of unique LINK addresses recently reached 3,964, the highest level in two months.
Santiment also suggests that Chainlink may experience further price increases if market participants continue to show indifference towards the altcoin’s performance. The analytics firm points out that the current rally has pushed the price of LINK to $7.08, and the decreased social volume in the crypto market means that more projects are flying under the radar. As of now, LINK is valued at $7.22, representing an 18% increase from its seven-day low of $6.09.
Apart from Chainlink, Santiment is closely monitoring three other altcoins: Loom Network (LOOM), Frontier (FRONT), and ImmutableX (IMX). According to Santiment, these three altcoins are outperforming the broader crypto markets due to increased adoption. Loom Network, Frontier, and ImmutableX have experienced price increases of 145%, 138%, and 29%, respectively, in the past week. Santiment believes that if the growth in new addresses for these altcoins continues, their prices could continue to rally.
When it comes to Bitcoin, Santiment highlights that the number of addresses holding less than 100 BTC has reached a new all-time high, making up 41.1% of the total supply of the leading cryptocurrency. This indicates that non-whale wallets (those not holding large amounts of Bitcoin) are increasingly acquiring the digital asset. However, Santiment also notes that entities holding 100 to 100,000 BTC, known as whales, have been selling their Bitcoin holdings since June.
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As of now, Bitcoin is being traded at $26,641.
In conclusion, Santiment’s analysis suggests that Chainlink and the three mentioned altcoins have strong potential for further price increases based on their on-chain data readings and market indicators. The increased activity of unique addresses on the Chainlink network and the overall growth in adoption for these altcoins are favorable factors contributing to their positive performance.
Disclaimer: This material should not be considered investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets.
