Santiment: On-chain Data Shows Bullish Signals For ETH, SOL & ADA
According to Blockchain analytics firm Santiment on-chain data flags bullish signals for Ethereum (ETH), Solana (SOL) and Cardano (ADA) as the crypto market shows signs of waking up again.
Ethereum (ETH)
Santiment notes that Ethereum miners have been stacking the second largest crypto asset aggressively throughout its recent recovery from the three-month low of $1,707.
“Ethereum miner balances have absolutely skyrocketed in August, essentially tripling from 81,512 ETH to 243,000 ETH today (+198%). The historic reversal in miner coins held has reversed from an [all-time low] in late July to a virtual three-year high today.”
Ethereum is currently trading at $3,768, up 9.5% on the day according to CoinMarketCap.
Solana (SOL)
Looking into Solana (SOL), Santiment analyzed the positive and negative commentary surrounding it. Crowd positivity around Solana is reaching historically high levels, the firm notes.
“Solana’s run-up just keeps getting more historic. Crypto traders are discussing the NFT (non-fungible token) darling at rates most altcoins can only dream of. Weighted sentiment has surpassed four deviations above mean, sending crowd positivity and volume to historic levels.“
Along with SOL’s price the conversation surrounding it has also reached new highs.
“Solana is making up nearly 10% of crypto conversations right now as it blasted off to a new [all-time high] of $106.82. As Bitcoin and most other altcoins range, volatile and pumping coins like SOL will continue to intrigue traders looking for action.”
Solana has pushed through $106.82 and briefly touched $130 level before cooling off. At the time of writing, SOL trades at $112.
Cardano (ADA)
Santiment points out that social dominance seem to have correlation with ADA’s price action. Cardano’s decreased social dominance puts it in a good position to launch another leg up, Santiment argues.
“Cardano is back to its pumping ways on a bullish Friday. Social dominance is a great leading indicator for ADA, and the percentage of discussions is at a modest 8% compared to a peak of 25% last week. It can run higher until the crowd euphoria returns.”
? #Cardano is back to its pumping ways on a #bullish Friday. Social dominance is a great leading indicator for $ADA, & the percentage of discussions is at a modest 8% compared to a peak of 25% last week. It can run higher until the crowd euphoria returns. https://t.co/UiCSWHrfa7pic.twitter.com/JVC10b5DTR
