According to crypto intelligence platform Santiment, some altcoins have received increasing attention from investors in recent days. This comes as the crypto market continues to experience a positive recovery from the recent slump in the wake of the Bitcoin ETF launch.
These Altcoins Show Potential for More Profits: Santiment
In a message on the X platform Santiment revealed that three altcoins, including Chainlink (LINK), Immutable X (IMX) and Pyth (PYTH), have become assets of mainstream importance in recent days.
This revelation is based on their performance in terms of social dominance, an indicator that compares the social volume of a given asset to the combined social volume of the top 100 cryptocurrencies by market capitalization.
A graph showing the social dominance of LINK, IMX, and PYTH | Source: Santiment/X
As shown in the chart above, the social dominance of these three altcoins has seen a notable spike in recent days. Interestingly, Santiment has linked this renewed investor interest in Chainlink, Immutable X, and Pyth to their market cap growth over the past week.
According to Santiment data, LINK, IMX, and PYTH valuations have risen 34%, 23%, and 26%, respectively, over the past seven years. The on-chain analyzes showed that the mainstream discussion about these altcoins will lead to FOMO (fear of missing out) among investors.
Santiment further emphasized that this FOMO could lead to high price volatility and increased buying pressure for Chainlink, Immutable X, and Pyth. Ultimately, this could lead to more price gains for the three crypto assets.
Chainlink price overview
Chainlink’s price performance over the past week was the most impressive of the three altcoins Santiment highlighted. According to data from CoinGecko, LINK’s value has increased by more than 24% in the past week.
In a week dominated by Bitcoin’s resurgence above $43,000, Chainlink managed to become one of the biggest winners of the past seven days. The price of the cryptocurrency registered a positive run to almost $19.
At the time of writing, the Chainlink token is valued at $17.69, reflecting a 1.2% price drop in the last 24 hours. The altcoin seems to be witnessing some downward pressure as it struggles to stay above the $18 level.
Nevertheless, Chainlink continues to make a strong claim for a spot in the top 10 largest cryptocurrencies by market capitalization. With a market cap of over $10 billion, LINK is the 13th largest asset in the cryptocurrency sector.
LINK price faces resistance and stalls at the $18 level | Source: LINKUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView
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