The cryptocurrency market still continues to feel the effects of the shock wave of the collapse of FTX in 2022 and similar events. Although the market enters the new year with hopes, it is having a hard time maintaining it. However, some projects stand out from the market and outperform. Crypto analytics firm Santiment predicts large positive swings for the three altcoins.
Santiment forecasts bullish for these altcoin projects
Crypto analytics firm Santiment forecasts rising price volatility this year for Cardano (ADA), Maker (MKR) and Fetch.ai (FET). Santiment highlights the increase in whale activity across three projects: smart contract platform ADA, stablecoin issuer MKR, and artificial intelligence coin FET. Therefore, he says, major price swings are imminent for these altcoin projects. Santiment makes the following statement:
Cardano, Maker, and Fetch all had their moments to shine in 2023. Especially the FET, which has increased by 5x since Jan 1st. But all three of these entities in particular have seen large increases in whale activity, and from there large fluctuations are possible.
Source: Santiment/TwitterAs you can follow from Kriptokoin.com, Fetch.ai had one of the strongest performances in the market in 2023. The altcoin rose 527% from its close of $0.094 in 2022 to $0.59 in February. FET was trading at $0.4308 at press time.
Also, Santiment says Maker has rallied strongly above the average price for the first time since December 2021. “Traders who invested in Maker last year are finally above the water,” Santiment said. Our latest community projection takes a look at MKR’s 13% increase in supply on exchanges, increased selling pressure, and what all this means for future price performance.”
Source: Santiment/TwitterBitcoin whale addresses are declining
Santiment, who also looks at the leading crypto Bitcoin (BTC), notes that whale addresses are falling from an all-time high of 2,489 on February 8. The analytics platform stated, “The amount of Bitcoin whale addresses available has slumped to 2,011 compared to the 2,266 that exist a year ago and continues to decline. 2,489 was the All-Time High set on February 8, and prices rose 70% over the next 10 weeks.”
Source: Santiment/TwitterSantiment forecasts price correction for SAND
Finally, Santiment says that the popular metaverse coin, The Sandbox (SAND), is laying the groundwork for a price correction after a token unlock. Santiment said, “Sandbox unlocked 20% of the tokens on Feb. But prices are stagnant,” he explains. In a Santiment Insights blog post, he delves into an unusual pattern seen at analytics firm SAND, saying:
However, an unusual pattern emerged, with more tokens entering exchanges between February 20 and 22, even at lower peak-to-peak values. This increase in supply indicates that prices will soon recover. Similar patterns were observed at previous token unlock events in August-September 2022. This is where prices drop after a month of token unlocking.
Source: Santiment/Twitter
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