On-chain analytics platform Santiment is an under-the-radar Ethereum He noted that the native token of the (ETH) scaling solution has further upside potential even after recording triple-digit gains in the past few weeks.
Santiment, Ethereum sidechain Skale NetworkHe underlined that (SKL) has more than tripled its market value since mid-August due to the increase in the number of addresses. According to the on-chain analytics platform, many traders continue to open short positions for the SKL token and place bets that the price will fall.
SKL could rise even higher until traders stop waiting for a pullback, as liquidated short positions often act as rocket fuel to push values higher.
The SKL token rose nearly 209% to $0.0601 from its low of $0.0194 in mid-October. However, the price has corrected up to 5% in the last 24 hours.
Mobility on the Ethereum Network is Increasing, Critical Data is at Historic Levels!
centimeterEthereum, the second largest crypto asset by market cap, has witnessed a massive increase in address activity, he said.
According to Santiment, the altcoin is showing a “promising sign” as the increase in address activity is not accompanied by ETH moving to exchanges. Currently, around 8.24% of ETHard is held on exchanges, which is the lowest percentage ever recorded.
Santiment recently published its analysis for the oracle network Chainlink (LINK). Santiment highlighted that before Chainlink’s rise over the past few weeks, whales had been heavily accumulating the 12th largest crypto asset by market cap.
Going back to October 17, when Chainlink was priced below $7.40, the top 200 wallets suddenly added 40.18 million LINK. 2 days after this date, the asset is up 125% in 25 days and is currently trading at around $14.60. These purses have remained high ever since.