The cryptocurrency market remains volatile as Bitcoin‘s price tumbles, causing a 1.77% decline in the last 24 hours and triggering a broader market downturn. Despite the fluctuations, data from Santiment highlights bullish signals for two specific altcoins, Ethereum Name Service (ENS) and Treasure (MAGIC). These altcoins have shown notable network growth recently, suggesting a potential breakout.
Why Are ENS and MAGIC Surging?
Santiment’s data reveals that ENS and MAGIC have experienced a surge in network growth over the past 24 hours. Historically, such growth during periods of stable price performance can indicate an impending breakout. Currently, ENS is trading at $25.69, while MAGIC stands at $0.4756.
What Sets Shiba Inu Apart?
Shiba Inu (SHIB) has distinguished itself from other meme coins with increased activity and interest from trading whales. Over the weekend, SHIB saw a modest 5% increase, driven by accumulation from off-exchange whales and a reduction in exchange whale holdings. Despite a recent 3.40% drop, SHIB has risen over 14% on a weekly basis, trading at $0.00001621.
Key Insights for Investors
Investors can draw several actionable insights from the current market trends:
- ENS and MAGIC may be poised for a breakout due to their recent network growth.
- Shiba Inu’s whale activity indicates strong support and potential for future gains.
- Chainlink’s recent losses could signal a local bottom, presenting a buying opportunity.
Chainlink Price Outlook
Santiment also analyzed Chainlink (LINK), which is forming new lows due to recent liquidations prompted by fear, uncertainty, and doubt in the market. The $60 million loss in LINK indicates significant FUD, possibly marking a local bottom. LINK is currently trading at $12.56 after a 3% drop, with a market cap of $7.65 billion and a trading volume exceeding $328 million.
In conclusion, while the cryptocurrency market faces ongoing fluctuations, specific altcoins show signs of resilience and potential for growth. Investors should keep an eye on these trends to make informed decisions.