In a recent analysis, Santiment, a leading cryptocurrency analysis firm, identified three altcoins that took the lead in the last 24 hours. He also talked about altcoin projects that are leading the market in terms of developer activity. These projects include popular coins such as ADA, SOL and OP. Here are the details…
Santiment explained: ADA and these diverged from the general trend
Cardano (ADA), Solana (SOL) and Optimism (OP) have diverged from the general trends in the cryptocurrency market, achieving significant gains of 19%, 11% and 11% respectively. However, this increase is accompanied by cautionary notes, as Santiment analysts predict a potential wave of FOMO that users should approach with caution. Cardano (ADA) was a standout performer, registering a significant increase of 19%. Santiment analysts underline that ADA ranks at the top of social dominance data for 2023, along with Solana and Optimism. This high social interaction indicates growing community interest and confidence in the potential of the ADA.
Santiment’s analysis positions Cardano at the forefront of recent market volatility, demonstrating a resilience that sets it apart from others. The 19% increase in value of the ADA is not only a testament to its strength, but also an indication of the community’s growing involvement. Social dominance data is a very important metric that reflects a cryptocurrency’s influence and appeal within the community. ADA’s position at the top indicates strong community support, potentially contributing to its continued upward momentum.
A warning came from Santiment
While Santiment analysts celebrate the success of ADA and its peers, they also warn. Despite the positive data, there is concern about a significant wave of FOMO (Fear of Missing Out). Cryptocurrency users are urged to approach these fluctuations with caution. Santiment analysts emphasize that caution should be exercised in the face of positive developments in the market. The significant increases observed in ADA, Solana, and Optimism could trigger a wave of FOMO, leading to volatile market conditions. Investors and enthusiasts are advised to remain cautious in the face of a potential wave of FOMO. Social dominance and increased market performance can attract speculative behavior and require careful decision-making to avoid unnecessary risks.
NFT-related coins are also attracting attention
Santiment’s analysis extends beyond ADA, shedding light on Chainlink (LINK). Funding rates for LINK have reached a one-month high and are supporting long positions. With LINK breaching the $16 threshold, analysts are predicting a minor wave of FOMO and suggesting that a resistance level may be encountered around $20. Finally, Santiment shares his views on the top NFT-related coins based on their significant development activity over the last 30 days. These coins are as follows:
- Osmosis (OSMO)
- Uniswap (UNI)
- Radix (XRD)
- DYDX
- Lido Finance (LDO)
- Synthetix (SNX)
- Fox (FOX)
- Kyber Network (KNC)
- Centrifuge (CFG)
- Sora (VAL)
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