Crypto analytics platform Santiment says that the closely bearish sentiment revolving round Solana (SOL) may push the value of the Ethereum (ETH) competitor up.
The market intelligence agency says that the concern, uncertainty and doubt (FUD) surrounding Solana may set off the sensible contract platform to rally till the closely bearish sentiment reduces.
“There aren’t a whole lot of large Solana believers, whilst its worth bottomed out at $11.02 and rebounded to $12.70 over the previous 15 hours. This FUD may trigger extra rebounding till merchants decelerate their almost unanimous bets in opposition to SOL’s worth.”
Solana is buying and selling at $13.33 at time of writing.
On the bearish sentiment throughout the broader crypto trade, Santiment says that capitulation occasions previously have normally led to a rebound in costs.
“The phrase lifeless has been quickly circulating round crypto platforms in November. As one of many extra bearish sentiment phrases, this can be a signal of merchants giving up on markets rebounding. Sarcastically, this capitulation is traditionally when markets rebound.”
Santiment additionally notes the catalyst for BTC different Litecoin’s (LTC) 30% worth rise through the previous week was an accumulation spree by addresses holding between 1,000-100,000 LTC.
“Litecoin’s worth surge could have shocked a few of you, however the massive deal with accumulation has been the important thing to look at. Prior to now two weeks, addresses holding 1,000 to 100,000 LTC amassed $43.4 million in cash en path to the primary worth bounce above $80 since Might.”
LTC is buying and selling at $78.71 at time of writing, up by round 24% over the previous 24 hours and up by about 36% during the last seven days.
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