According to data from crypto analytics firm Santiment, despite a tough six-month downtrend, investors are currently Cardano (ADA) They feel pretty optimistic about it.
In a statement on its official Twitter account, Santiment states that crowd sentiment towards ADA has reached its most positive levels since mid-November, when its Ethereum (ETH) rival was trading around $2.00, and says this could have a positive impact on the price.
“Cardano percent in the last 24 hours. over 6 It has seen a modest price increase and traders expect the 9th-ranked asset to experience a price boom.”
ADA is trading at $0.957841 at the time of writing. The 9th-ranked crypto-asset by market cap has dropped by nearly 2% over the past seven days.
Santiment also noted that the overall crypto market has also recovered this week in terms of trading volume after a “particularly sluggish” weekend. draws attention.
“On a good recovery day for crypto, trading volume has increased significantly, especially after a sluggish weekend as prices quickly bounced back to their lows pre-Thursday. Congratulations to those who were brave enough to buy crypto from the bottom last weekend.”
The analytics firm also evaluated other specific altcoins and reported that RUNE, the native asset of decentralized cross-chain liquidity protocol THORChain, recently hit a one-year high in terms of trading volume. However, despite this, the altcoin developed negative audience sentiment.
“Thorchain’s trading volume has increased in line with the altcoin’s recent rally, reaching its highest levels in a year. Negative sentiment towards the altcoin developed as a result of the 2-week RUNE correction pointing to capitulation.
The increased volume paralleled a price rally: RUNE rallied from roughly around $3.50 at the end of February to over $12.50 at the end of March. However, the 50th-ranked crypto asset by market cap has since corrected and is trading at $9.27 at the time of writing.
According to a chart published by Santiment, volume also fell recently following the price correction.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.