Santiment Looked Into Recent Price Action Of SOL, UNI, AAVE And MANA
Santiment crypto analytics firm, in a recent video update, looked into the price action of Solana (SOL), Uniswap (UNI), Aave (AAVE) and Decentraland (MANA).
Appearing on the video, Brian Quinlivan, the marketing director for Santiment said that the 30-day market value to realized value (MVRV) is useful metric is when looking for crypto bargains.
MVRV is calculated by dividing Market Value by Realised Value. In Realised Value, BTC prices are taken at the time they last moved, instead of the current price like in Market Value, which also shows the average profit/loss for coins in circulation.
Uniswap (UNI)
Starting off with decentralized crypto exchange Uniswap (UNI), the analyst belives that at the moment UNI falls into a “good opportunity zone,” in terms of its 30-day MVRV.
“We typically look for anything below 15% to be a good opportunity zone, and we definitely jumped way below 15% there… we are well into the opportunity zone still for Uniswap.”
According to Quinlivan, Uniswap has seen growing inflow onto exchanges, with exchange supply going up accordingly, is “a little bit concerning.”
Aave (AAVE)
According to the analyst, whales (large holders of an asset) have been buying AAVE, the governance token of DeFi lending protocol Aave, which he says is “a good sign from the key stakeholders” of the crypto asset. As per Quinlivan’s analysis AAVE is showing a little more bullish metrics than Uniswap.
Decentraland (MANA)
Investors are seemingly shorting the virtual reality platform Decentraland (MANA) on Binance and FTX crypto exchanges, but Quinlivan sees this as a positive development for MANA.
“It’s pretty cyclical, and right now, this is one of the most bullish metrics for MANA, because there’s such an immense amount of shorting that… these huge spikes are bound to be liquidated at some point because people shorting to this extent usually doesn’t go too well.”
Regardless, the analyst points out that Decentraland’s MVRV and on-chain metrics look bearish.
Solana (SOL)
Development activity on the smart-contract platform Solana (SOL) has been on the rise in the past year, based on daily GitHub submissions. Quinlivan said:
“The daily GitHub submissions is sitting at about a little over 500 a day right now, after… a year ago being at 190. So that’s a very good sign, and it’s indicative of the fact that Solana’s team still believes in improving the product, innovating where possible, and they believe that it has long-term sustainability, and that’s a really great thing to keep in mind when it comes to any asset.”
