An executive of Santiment, which analyzes cryptocurrencies with various metrics, cited the latest data on some altcoin projects, arguing that they entered the “zone of opportunity”. He especially drew attention to altcoins whose prices rose at the beginning of the week, but then fell in price. cryptocoin.com We convey the details as…
Santiment manager analyzed 4 altcoin projects
Santiment marketing manager Brian Quinlivan commented on the cryptocurrency market by looking at a metric. Quinlivan says that the 30-day ratio of market capitalization to realized value (MVRV) helps to “shop at a discount” in the crypto market. MVRV reveals average profit and loss graph of currently circulating coins.
Quinlivan generally thinks that for an altcoin to be in a good opportunity zone, it needs to record less than 15 percent in the metric. In this respect, he firstly concludes that Uniswap (UNI) is in the opportunity zone. However, he interprets this as “worrying”, noting that the entry to the stock markets in this altcoin has increased a bit lately. On the other hand, Quinlivan points out that whales accumulate Aave (AAVE), which is a positive development. He also states that AAVE offers better metric ratios than UNI.
SOL and MANA are also on the list
While the analyst says that MVRV and overall on-chain metrics are on a downward trend in Decentraland, he cites a metric that indicates a positive development in the coin. Quinlivan points out that the number of shorts opened on the popular metaverse project Decentraland (MANA) has increased. However, contrary to the general opinion, the manager states that this is a positive thing and uses the following expressions:
“It’s pretty cyclical and right now this is one of the most bullish metrics for MANA because there is so much shorting… These huge gains are bound to be liquidated at some point because shorting to that extent usually doesn’t go very well.”
Finally, referring to Solana, the analyst states that SOL development activities have increased, noting that daily GitHub submissions, which were at 190 last year, now exceed 500. He argues that this is evidence that SOL exhibits long-term sustainability.
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