An executive at Santiment crypto analytics firm examined cryptocurrencies that had risen in price but later corrected earlier this week. Some of the cryptocurrencies examined by the analyst have been on the rise again since yesterday.
In a new YouTube video, Santiment marketing director Brian Quinlivan says that the 30-day market cap to realized value (MVRV) metric is helpful when reviewing to invest in cryptocurrencies. The MVRV metric reveals the average profit/loss for cryptocurrencies in circulation.
According to the analyst, decentralized crypto exchange Uniswap (UNI) is currently falling into a “good opportunity zone” in terms of its 30-day MVRV.
But Uniswap has seen increased inflows into the stock markets as stock market supply increases accordingly, explains Quinlivan. The analyst says this development is “somewhat alarming”.
Quinlivan says whales are hoarding the management token of Aave (AAVE), a DeFi loan protocol. The analyst says this is a “good sign from a key stakeholder” of the crypto asset. He adds that AAVE is showing a bullish metric. Quinlivan noted that Decentraland’s MVRV and on-chain measurements are in a downward trend.
The cryptocurrency analyst says that development activity on the smart contract platform Solana (SOL) has increased over the past year.
Solana’s native token SOL was trading at $106 at the time of writing.