Widely followed Santiment analysts say that historical data gives green signals for an Ethereum-based altcoin. The project in question became famous for the high-profile partnerships it signed this week.
Santiment: This altcoin has historically reached the rally-starting level
Chainlink (LINK), an Ethereum-based oracle platform, requires close monitoring in the short term, according to crypto analytics platform Santiment. Analysts reported that various metrics light up the green signal for LINK. The notable point in the analysis is that the altcoin price has reached a historical bull run level. Sharing the chart below, Santiment analysts interpret the current metrics as follows:
Chainlink has reached a significant level, which historically heralds a price recovery. Assuming that Bitcoin and the overall crypto industry will remain relatively stable, the drop in LINK’s FX supply (currently just 15.5%) points to a bullish divergence.
LINK is currently trading in the $5.96 region. As Cryptokoin.com reported, this week it completed the first transfers between Swift and different Blockchains. The launch of the CCIP protocol had led to double-digit gains for the altcoin in previous months.
Analysts drew attention to the abnormal accumulation of whales on MKR
Santiment analysts, who later switched to DeFi project Maker (MKR), found that whales have accumulated over $71 million in altcoins since July 9. This accumulation has a direct impact on the MKR price. According to analysts:
Maker enjoyed a good +12% day as the rest of the crypto market fell. This is largely attributable to the fact that whales and sharks have accumulated between $11,600 and $11.6 million in MKR. Their accumulation will continue to be correlated with future price movements.
MKR is currently trading at $1,134.44. It made double-digit gains this week, accompanied by increased whale accumulation. Meanwhile, most altcoins, including BTC and ETH, continued their sideways movements.
Altcoin traders should also watch out for new opportunities on the BCH chart
Santiment analysts recently took a look at the key metrics of Bitcoin Cash (BCH). He interpreted the rising price with increasing demand as a bullish signal:
Bitcoin Cash has enjoyed a healthy price recovery and is now back at $214 after dropping as low as $180 just two weeks ago. Short- and long-term traders are making profits for the first time since mid-Gaziran and whales will be key to further gains.
Altcoin price is currently trading at $200.44. According to Santiment analysts, whales are supporting the BCH price rise as trading volume drops.
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