Latest news with #Santiment
Business Mayor
21-05-2025
- Business
- Business Mayor
Chainlink could rally past $16.5, but THIS hurdle weighs on LINK
The high development activity of Chainlink inspired long-term investors. The high supply of profit and lack of network-wide accumulation posed a significant obstacle to the bulls. Chainlink [LINK] was one of the fastest-developing Ethereum [ETH]-based assets. In a Santiment Insights post, user Brian noted how Chainlink continued to lead in development activity. Santiment data revealed that Chainlink's development activity over the past 30 days was 50% higher than Ethereum's. This metric tracks software development events across different blockchains and their dApps. Despite this strong developer engagement, Chainlink has been experiencing notable on-chain profit-taking activity. Chainlink bulls' attempt to breach $16.5 Source: Santiment The dormant circulation chart showed a large spike on the 25th of April. The metric is useful in understanding a swift uptick in network activity. It shows the number of unique tokens not moved within the previous 180 days that were transacted on a given day. Its surge in April coincided with a drop in the Mean Coin Age (MCA). The two metrics go hand-in-hand, and together indicated a flurry of selling activity when LINK approached the $15.5 level. This level marked the highs of a range at that time. The MCA, which had been trending upward since December, was interrupted in March and again in April. The holders' willingness to sell as Chainlink prices knocked on the doors of key resistance levels reflected a lack of conviction. Source: Glassnode A key metric that may concern long-term investors is the percentage of supply in profit. At press time, 76% of LINK holders were in profit. Notably, previous waves of selling on the MCA in March and April occurred when this figure was at 65% and 56%. Read More Crypto market's weekly winners and losers – BEAM, KAS, XMR, FXS Over the past few days, Chainlink has retested the $15.5 level—previously a resistance, as a support zone, with bulls attempting to push the price higher.
Business Mayor
18-05-2025
- Business
- Business Mayor
80 Million Cardano in 48 Hours: Whales Buying ADA Dip?
According to CoinMarketCap data, Cardano, the ninth-largest cryptocurrency by market capitalization, is trading at $0.762, down 1.38% in the last 24 hours and 4.05% in the last seven days. Amid a broader market drop in the past week, Cardano fell for four straight days since May 14. Cardano had achieved a high of $0.864 on May 12, but bulls were unable to sustain momentum as investors considered macroeconomic concerns. ADA is currently attempting a recovery, with prices reaching intraday highs of $0.766 in the early Sunday session, but the price remains in the red daily. Amid the price drop, large holders referred to as whales appear to be scooping up Cardano at a discount. According to crypto analyst Ali, who cited data from Santiment, whales have bought over 80 million ADA in just the last 48 hours, even as the Cardano price fell. Whales have bought over 80 million #Cardano $ADA in the last 48 hours, according to data from @santimentfeed! May 17, 2025 This accumulation trend by whales suggests that smart money is taking advantage of lower prices to load up on ADA, potentially betting on a rebound once broader market sentiment improves. In the event of a market recovery, the focus would be on Cardano regaining the daily SMA 200 at $0.805 before moving to $0.864. If this is accomplished, ADA may target $1 next. In the case of a dip, support is expected at $0.72, ahead of the daily SMA 50 of $0.684. Cardano continues to expand According to the most recent information published by Input Output, Cardano continues to show steady growth across ecosystem metrics. The number of projects underway has risen to 1,999, with delegated wallets remaining steady at 1.33 million. On-chain activity also increased, with 109.37 million transactions completed and native assets reaching 10.79 million under 214,832 token policies. Smart contract deployment is strong, with 133,417 Plutus scripts and 6,640 Aiken scripts, representing a 0.49% increase in script activity over the previous week. Governance engagement has increased as well, with 1,305 DReps, 954 of which are active, up 1% from the previous figure. The 224 GitHub commits represent developer enthusiasm and indicate ongoing contributions across Cardano's codebase.
Business Mayor
15-05-2025
- Business
- Business Mayor
XRP Elliott Wave hints at correction – Why $2.34 support matters next
XRP Elliott Wave analysis suggests a wave 2 correction, with $2.33 as the key level to watch. The MVRV at 2.9 signals neutral sentiment, well below levels that typically mark market tops. After rallying to hit a local high of $2.65, Ripple [XRP] has slightly retraced on its price charts. The altcoin has dropped for two consecutive days to a low of $2.49. At press time, XRP traded at $2.50, down 3.31% on the daily chart. Crypto analyst Man of Bitcoin suggested that XRP may have already topped locally, citing the Elliott Wave structure. Source: X According to the analyst, if the altcoin breaks below the descending trend line, it would indicate that the correction is already starting. Looking at the Elliott Wave analysis, the current support for the corrective wave 2 is building. Wave 2 is a corrective phase that leads to a pullback erasing most gains made during wave 1. This pullback emerges especially when the market starts experiencing a price upswing and investors start to take profit. The support zone for wave 2 lies between $2.19 and $1.79, with $2.33 acting as the next key validation level for downside continuation. Price rally not backed by demand, data shows According to AMBCrypto's analysis, XRP's recent rally was not backed by actual demand but the speculative move by speculative buyers. Source: Santiment For starters, looking at XRP's Price–DAA Divergence, it has remained negative throughout the past week despite the price rally. A negative divergence creates a bearish signal interpreted as unsustainable price movement that's not supported by a growing user base. Thus, prices have grown faster than the actual demand, creating a mismatch. Read More Virtuals price prediction: Should you expect new lows below $2? Such a mismatch leads to lower prices. Source: CryptoQuant Adding weight to the demand concerns, XRP's NVT Ratio spiked from 99 to 207, signaling that valuation outpaced transaction volume. A rising NVT ratio implies that markets are further confirming that the recent price uptrend was not backed by strong demand, which usually leads to price correction. Although XRP prices are not currently supported by a growing user base, the altcoin's MVRV suggests that a top is unlikely and the retrace will not result in strong losses. At 2.9 MVRV, XRP remains in a neutral zone. Historically, a local top has occurred around 3.2 while a market top has emerged above 3.5. Source: Santiment So, what's next for XRP? The recent decline in XRP's price appears to be primarily driven by a broader market pullback. According to analyst Man of Bitcoin, a drop to $2.19 seems unlikely at this stage. If the downward trend persists, XRP may see a pullback to around $2.34 before possibly making another upward move. Conversely, if the retracement is influenced by the overall market sentiment, we could witness a rebound that allows XRP to reclaim the $2.56 level.
Business Mayor
07-05-2025
- Business
- Business Mayor
Solana to $155? – Decoding breakout potential of THIS bullish pattern
Whale activity and growing social sentiment are driving Solana's market interest. Technical consolidation and derivatives data suggested a breakout potential for Solana. Recently, significant whale movements have been observed, with two massive transfers totaling over $200 million in SOL. These transfers, originating from unknown wallets, raise important questions about the liquidity and stability of the market. At press time, Solana [SOL] was trading at $143.96, reflecting a slight decline of 0.90% in the past 24 hours. Whale activity often signals potential shifts in market sentiment and price movement, as large-scale transfers can lead to either increased buying or selling pressure, depending on the intentions behind the moves. SOL social sentiment and volume show growing interest Solana's Social Volume has surged recently, indicating growing interest in the asset. However, Social Dominance remains at a moderate 3.94%, which is relatively low compared to other assets. This suggests that while interest in Solana is increasing, it has not yet reached the levels seen with more dominant coins. If the trend continues, more retail investors may be drawn into the market. As a result, this could lead to higher demand for Solana and potentially drive prices upward in the near future. Source: Santiment Solana's derivatives market has seen a noticeable rise in volume, with $9.35 billion traded in the past 24 hours, marking a 12.88% increase. Although Open Interest (OI) slightly decreased by 0.89%, options volume rose sharply by 411.70%. This indicates a strong rise in speculative trading. Additionally, Options OI grew by 21.19%, suggesting that investors expect significant price movement soon. Read More Soar to New Heights with Larry Crypto: The Meme Coin with Wings Therefore, market participants are positioning themselves to capitalize on potential price changes, signaling that a major move might be on the horizon. Liquidation data shows more longs being liquidated than shorts In the past 24 hours, Solana faced $3.57 million in liquidations, at press time, with long positions being liquidated more than short positions. This indicates a market correction. Liquidating long positions triggers price adjustments, leading to increased volatility as trades close. Additionally, liquidations on major exchanges like Binance and OKX have intensified market instability. Traders should remain cautious, as current data suggests a short-term downturn. However, this environment may also create opportunities for others looking to enter the market. Source: Coinglass Technical analysis reveals consolidation with breakout potential At the time of writing, Solana was consolidating between key support at $136.14 and resistance at $155.28, forming a possible 'cup and handle' pattern. While the price remains in a descending channel, it is compressing within this range, suggesting that a breakout could occur if buying volume picks up. A breach above $155.28 could signal the start of a bullish trend toward higher levels. Traders should watch for volume confirmation and price action to determine the breakout's sustainability. Source: TradingView Is SOL poised for a breakout or continued consolidation? Solana is consolidating within a clear range, but whale activity and rising social and derivatives interest hint at a potential breakout. Liquidation data indicates continued volatility, yet if Solana holds its current levels and surpasses $155.28 resistance, an upward price movement could follow. Traders should watch these key levels closely for any momentum shifts.
Yahoo
02-05-2025
- Business
- Yahoo
Dogecoin, XRP ETF Hopes Are Fuelling Bullish Sentiment, Social Data Shows
Optimism for dogecoin (DOGE) and XRP based exchange-traded funds (ETFs) is rising sharply with crowd sentiment shifting in favor of both tokens, social data from Santiment in a Thursday update shows. Monitoring social commentary can be used alongside technical tools in a trading strategy, as positive chatter tends to support price rises, while negative chatter can fuel bearish trades. Online discussions around XRP are skewed toward bulls with few bearish outlooks, despite an overall drop in social discussions for XRP compared to other majors. The perceived likelihood of a spot XRP ETF approval by the end of 2025 has risen to 85%, up from 65% just two months ago, per Polymarket. Such a boost in confidence comes despite the SEC's recent decision to delay rulings on spot DOGE and XRP ETF proposals until June 17. Technical analysis remains bullish, showing strong accumulation patterns in the current market lull. Online tone for Dogecoin has shifted dramatically following the April filings by 21Shares and Bitwise for DOGE spot ETFs. Until late April, DOGE was in a prolonged lull in social attention, but its social dominance has now surged to a three-month high, Santiment noted. The House of Doge and Dogecoin Foundation's support for 21Shares' application has added further credibility to the effort, helping DOGE shed some of its "memecoin" baggage. 'After being seen mainly as a meme or joke coin, DOGE is now viewed as a more serious investment option with potential for wider adoption,' Santiment said. 'Analysts and traders have noticed heavy accumulation by whales, with bullish patterns forming in the charts, which has added to the sense that Dogecoin may be entering a new growth phase," it added. Meanwhile, tokens like ether (ETH), Solana's SOL and BNB show mixed social signals even as bitcoin staged a recovery above $97,000 early Friday. Sign in to access your portfolio
