Crypto analytics platform Santiment says three altcoins are showing signs of a possible price reversal after a bearish run.
Santiment say that whale activity is increasing for the decentralized exchange protocol dYdX (DYDX), the data exchange platform Ocean Protocol (OCEAN) and the crypto payment network Request (REQ).
According to Santiment, the increase in whale activity indicates that a “turnaround is becoming much more likely” after a period of price declines.
DYDX is trading at $1.85 at the time of writing, while OCEAN is changing hands at $0.286. REQ has a price of $0.081 at the time of writing.
As for Ethereum (ETH), Santiment say that the largest exchange and non-exchange portfolios are loading the second largest cryptocurrency by market cap. The analytics firm notes that the 10 largest off-exchange wallets hold $61.1 billion worth of Ethereum – a new all-time high.
Meanwhile, the 10 largest exchange portfolios manage $10.9 billion worth of ETH.
“Ethereum’s top 10 non-exchange and top 10 exchange addresses are getting richer as the market cap hovers just above $1,570. 8.51% of ETH is currently on exchanges, and the 10 largest off-exchange wallets hold a whopping 39.22 million.”
Santiment too say that Ethereum is seeing a rise in its social dominance metric as the rate at which ETH is discussed on social media platforms is at its highest level in about a month.
According to Santiment, old Ethereum coins are also moving at their highest rate in a month as traders’ interest remains high.
Ethereum is trading at $1,550 at the time of writing.
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Generated image: Midjourney