Cryptocurrency analytics platform Santiment has identified 20 digital assets that are poised for a potential rally based on a key metric. The firm has highlighted these assets due to the negative public sentiment they are currently receiving on social media platforms, indicating a possible surge in their prices.
Among the digital assets that Santiment believes may experience a bullish move are Chainlink (LINK), Ethereum (ETH), Bitcoin (BTC), Solana (SOL), and XRP. According to the platform, coins with the most bearish crowd narratives historically have a higher chance of rising in value during market downturns.
In addition to the aforementioned assets, Santiment has also named Optimism (OP), Polygon (MATIC), Sui (SUI), Cronos (CRO), Fantom (FTM), Avalanche (AVAX), Cardano (ADA), Render (RENDER), Floki (FLOKI), Pepe (PEPE), Toncoin (TON), Filecoin (FIL), Injective (INJ), Shiba Inu (SHIB), and Tron (TRX) as potential candidates for a bullish move.
Santiment utilizes a metric called Weighted Sentiment, which combines social volume across various platforms like X, Reddit, Telegram, 4Chan, and Bitcointalk, to determine the ratio of positive versus negative comments towards an asset. This methodology helps in identifying assets that may be undervalued based on sentiment analysis.
Moreover, Santiment has observed a significant increase in dormant activity on Bitcoin’s network, with $37.4 billion in on-chain volume recorded recently. This spike in activity suggests that Bitcoin may be gearing up for a price rally in the near future, as stagnant BTC moving back into circulation is typically a positive indicator for price movement.
At the time of writing, Bitcoin is trading at $60,734, experiencing a slight decline of over 2.3% in the last 24 hours. Despite this short-term dip, Santiment’s analysis indicates that the flagship cryptocurrency could be on the verge of a significant price increase.
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In conclusion, Santiment’s data-driven approach to identifying potential market trends and price movements in the cryptocurrency space provides valuable insights for investors and traders looking to capitalize on emerging opportunities. Stay informed and stay ahead of the curve with Santiment and The Daily Hodl.