Crypto analytics firm Santiment says there are some under-the-radar bullish fundamentals developing behind the scenes for Cardano (ADA).
According to the firm, deep-pocketed Cardano holders have suddenly doubled down on their investments as ADA trades near the $1 mark, adding over 113% more coins to their stacks.
“Cardano’s price, like many altcoins, have plummeted in the past 10 days, dropping -34%. However, large addresses holding between $10,000 and $1 million ADA, own 113% more in their collective bags since the drop on January 17th, accumulating $53.6 million in tokens.”
Looking at Ethereum (ETH), Santiment says the second-biggest crypto asset by market cap is keeping a steady uptrend in active addresses, something the firm says should support price stability for ETH.
“Ethereum has regained the $2,550 level to end the week. With Bitcoin ending the week with a nice push of its own, and ETH’s active address remaining stable, the [number] two crypto asset by market cap should maintain stable prices if utility continues rising.”
Santiment is also keeping an eye on decentralized oracle platform Chainlink (LINK). The firm says weak LINK holders have been flushed out over the course of the recent market correction and that FUD (fear, uncertainty and doubt) has likely reached its peak.
“Chainlink’s price was cut in half between January 10th and 24th. The crowd predictably became quite negative toward the popular ETH-based asset. Today, with the FUD appearing to be at its peak, LINK has rebounded a modest +7% in the past four hours.”
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