Santiment Identifies 3 Altcoins: FOMO Might Be Back Quickly!

According to blockchain analytics firm Santiment, Cardano and its 2 altcoin projects are poised for a quick turnaround after FOMO.

According to Santiment, these 3 altcoin projects could bounce back quickly

A leading crypto analytics firm says investor sentiment on Cardano (ADA) is not high at the moment, but that could change quickly. In a new analysis, Santiment notes that Cardano is currently witnessing the highest amount of unique addresses interacting on its network in a year. In recent tweets, firm analysts quoted:

Sentiment on social platforms fell to a 4-month low. When ADA rises again, FOMO can quickly return.

Cardano is currently trading in the 0.45 region. It lost more than 85% of its ATH level reached in September.

According to Santiment, Bitcoin (BTC) sees increasing social volume relative to altcoins

Bitcoin is busy maintaining the $19,000 support at the time of writing. Alongside all other altcoins, Bitcoin has lost 72.21% from its November 2021 ATH level. However, according to Santiment data, Bitcoin is seeing increased social volume compared to altcoins. Santiment comments on this situation:

Bitcoin is seeing increased controversy in the second half of June after the majority of altcoins fell 80% or more from their November market cap. Historically, the waning interest in inorganic altcoin rises is a positive sign for crypto.

Bitcoin is trading at $19,187.16, down 4.11% in the last 24 hours, according to data from CoinMarketCap. Meanwhile, on a weekly basis, the Bitcoin price has lost around 5.15%.

Santiment detects some negatives about the leading altcoin

Santiment also states that the positive comments on Ethereum are at the bottom compared to the negative comments in four years. In a tweet during the day, Santiment’s comments were:

Ethereum bounced back below $1,200 as crypto and stocks pulled back on Tuesday. Positive reviews are scarce for crypto #2 these days. So much so that we have not seen such a low rate of positive and negative comments since May 2018.

Ethereum is currently trading at $1,039.61, down about 5.7% in the last 24 hours. cryptocoin.com As we have mentioned in our analysis, it started to decline on the last trading day of the second quarter of 2022. It traded more in sync with the market overall amid fears of higher inflation and rising interest rates.

LINK breaks five-year record

According to Santiment, the decentralized oracle network has witnessed an increase in moving addresses in Chainlink (LINK). The company also shared a record it broke for LINK:

80.8 million total unique LINKs moved addresses on Tuesday, setting a 5-year record. The opening trading days in September 2017 were the only time we saw more.