According to crypto analytics platform Santiment, an Ethereum (ETH)-based altcoin is showing signs of a potential rally.
According to Santiment, there are several statistics signalling that the original token from the blockchain oracle Chainlink (LINK) could rise, although the prediction depends on the behavior of Bitcoin (BTC) and the broader crypto market.
“Chainlink has hit an important level that historically foreshadowed a price rally. Assuming that Bitcoin and the overall crypto sector remain relatively stable, the decline in LINK’s exchange supply (currently only 15.5%) indicates a bullish divergence.”
LINK is trading at $6.00 at the time of writing.
As for the governance sign of the Decentralized Finance (DeFi) Protocol Maker (MKR), Santiment say that whales and sharks have amassed more than $71 million worth of crypto assets since July 9.
“Maker had a nice +12% day, while the rest of the cryptocurrency collapses. This can be largely attributed to the accumulation of whales and sharks holding between $11,600 and $11.6 million. [in] MKR. Their holdings will continue to correlate with future price movements.”
MKR is trading at $1,155 at the time of writing.
About Bitcoin Cash (BCH), Santiment say,
“Bitcoin Cash has had a healthy price recovery, currently back at $214 after being down to $180 just two weeks ago. Both short- and long-term traders are making profits for the first time since mid-June, and whales will be key to further gains.”
BCH is trading at $206 at the time of writing.
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Featured image: Shutterstock/Tithi Luadthong