Ascension is on the Doorstep: Santiment’s Top Names Explain 2 Altcoin ‘Buy Signals’

Cryptocurrency analysis platform Santiment reports that Ethereum (ETH)-based altcoins are signaling a potential rally based on on-chain data. This is the altcoin that Santiment is pointing to.

Illuvium’s Ascension Alert

Interoperable blockchain game Illuvium (ILV) is sending a potentially bullish signal amid a surge in on-chain transaction volume, according to Brian Quinlivan, director of marketing at Santiment.

The largest whale transaction recorded since July 2022 took place in the first hours of May 25, worth $14 million. According to Quinlivan, the increase in transaction volume on Illuvium’s chain coincides with a possible bottoming out of token prices for interoperable blockchain games:

Illuvium has been falling rapidly since touching above $106 in early February. While it has now fallen below $47, there are concerns that the supply on cryptocurrency exchanges has steadily increased since then and currently stands at 14.5%. You can notice that as a result of this $14 million transaction, the volume of on-chain transactions on the ILV network has skyrocketed, which is the highest level in almost 14 months. This could be a potentially bullish signal as it occurred during a reasonable low in price.

At the time of writing, Illuvium was trading at $46.90.

“LDO signals strongly bullish”

Quinlivan, one of the popular altcoin projects that moved to Lido DAO (LDO) after Illuvium, used the following statement, noting that the Ethereum-based liquidity staking protocol has traded on several large chains this year, but its supply is altcoin Coin exchanges are still relatively low:

Throughout 2023, Lido DAO’s network has undergone many changes. So much so that this mass transfer from one self-storage wallet to another did not result in a significant increase in transaction volume. What we do know is that the supply on LDO exchanges is just under 6%, which is a relatively strong bullish sign for altcoins.

At the time of writing, LDO is trading at $2.01.

Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Ömer Ergin, without permission, may not be reproduced

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