New data from market intelligence platform Santiment reveals that two under-the-radar altcoins are primed to skyrocket.
Crypto analytics platform Santiment is keeping a close eye on two altcoins that have shown impressive network growth over the last 24 hours. According to the firm, these tokens are primed for a potential breakout.
The crypto analytics firm reports that domain-naming crypto Ethereum Name Service (ENS) and decentralized non-fungible token (NFT) ecosystem Treasure (MAGIC) have both seen explosive network growth.
“Altcoins like Ethereum Name Service and Treasure have erupted in network growth over the past 24 hours, surpassing major milestones. Historically, when projects see these spikes while at a flat price performance, there is an increased chance of a breakout.”
At time of writing, ENS and MAGIC are trading for $26.03 and $0.481, respectively.
Chainlink (LINK) also stood out in Santiment’s analysis, with the altcoin showing an increased chance of finding a local bottom. The crypto analytics platform observed millions of dollars in liquidations for LINK, which might be signaling a sign of fear, uncertainty, and doubt (FUD) among traders.
“Chainlink's weak hands have just shown signs of giving up hope and released significant levels of coins. The 60 million in LINK realized losses yesterday is indicative of significant trader FUD, and increases the likelihood of a local bottom.”
LINK is trading for $12.81 at time of writing, showing a marginal decrease over the last 24 hours.
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