- Santiment revealed in a tweet this morning that LINK is the third most trending topic in the cryptocurrency space.
- LINK saw its price surge more than 20% over the past 48 hours to reach a 3-month high of $8.34.
- The intelligence firm also predicted in a second tweet today that ETH may break above $2K in the coming few weeks.
In a tweet posted earlier today, the blockchain intelligence firm Santiment revealed that Chainlink (LINK) is the third trending topic in the cryptocurrency space. According to the post, the altcoin trended after its impressive rise of more than 20% over the past 48 hours. As a result, LINK was able to rise to $8.34, which was its highest price in 3 months.
The surge in LINK’s price was also accompanied by a spike in trading volume for the cryptocurrency, added the tweet. Yesterday, LINK had approximately $347.72 million worth of on-chain volume, which was the highest amount of volume for this year. The intelligence firm predicted that the altcoin’s price may even rise to $10 in the short term.
At press time, CoinMarketCap indicated that LINK was trading at $8.15. Despite dropping from the 3-month high of $8.34, the cryptocurrency was still up more than 16%. In addition to strengthening against the Dollar, LINK was also able to outperform the two market leaders Bitcoin (BTC) and Ethereum (ETH) by 17.40% and 16.98% respectively as well.
Although LINK’s price was able to climb in the past few days, the leading altcoin ETH consolidated at around $1,895 during this period. Nevertheless, Santiment shared their latest market insights for ETH in a second tweet today. In their insights report, the firm predicted that ETH may return to above $2K and potentially rise higher in the coming few weeks.
According to the report, the percentage of discussions relating to ETH has declined to around the same level as the leading altcoin’s 2023 low. Santiment does, however, believe that this is no cause for concern.
The firm mentioned that one key sign of a potential upcoming price bottom would be when traders begin making a higher level of transactions while at a loss. At the time the report was released, Santiment noted that the ratio was still in favor of profit taking, but not by a large margin.
In the report, the intelligence firm also revealed that short-term ETH addresses who have been active over the past 30 days are currently at an average return of -0.35%. Meanwhile, longer term addresses who have been active over the past 365 days are up an average of +14.9%.
Both of these percentages need to be well into the negatives before ETH will present a good buy opportunity again, according to Santiment. They also stated that now is far from being a poor time to purchase ETH, given the fact that both of these percentages are fairly close to neutral.
Another bullish flag is that ETH coins are overwhelmingly being kept in self-custody. Santiment shared that less than 7% of coins are currently stored on exchange platforms. Therefore, the likelihood of huge selloffs occurring remains fairly low, speculated the firm.
They then concluded their report by stating that good things happen in the cryptocurrency space when the community starts to look to other top market cap assets such as LINK and Ripple (XRP) for gains. Given the bullish metrics covered in Santiment’s insights report, the firm does not see a reason why ETH cannot make a move to back above $2K in the next few weeks.
ETH continued to trade below $2K at press time following a 0.61% drop in its price over the past 24 hours. As a result of this loss, ETH’s price stood at $1,893.80 at press time. The negative daily performance had also pushed the altcoin’s weekly performance further into the red to -5.74%.
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