Blockchain analytics firm Santiment has announced that it expects bullishness for seven altcoins that are currently heavily bearish.
Santiment notes that layer-1 blockchain Solana (SOL), decentralized network Hedera (HBAR), and privacy-focused altcoin ZCash (ZEC) are some of the cryptoassets poised to recover due to intense short selling. stated. Short selling means selling a crypto asset in anticipation of rebuying at a lower price.
According to Santiment, other altcoins poised to rise amid heavy bets against them include: decentralized network DigiByte (DGB), Helium (HNT), decentralized finance (DeFi) platform Kava (KAVA), and smart contract-enabled blockchain Kusama ( KSM).
“Traders are aggressively shorting altcoins today and some assets may be poised for short liquidations. Based on excessive bets on falling prices, if altcoins gain any momentum, DGB, HBAR, HNT, KAVA, KSM, SOL and ZEC will be candidates for minor exits.”
NEWS CONTINUES BELOW
As we reported on Koinfinans.com, Santiment, which specifically studies Bitcoin (BTC), reported that small and medium-sized holders of its flagship crypto asset are accumulating aggressively.
“Small to medium Bitcoin addresses (those with 0.1 to 100 BTC) were in one of the most aggressive accumulation cycles in history, increasing their holdings by 9% in just the last 6 months.”
According to the analytics firm, small and medium-sized holders of Bitcoin are better at predicting long-term price movements than short-term investors. “Overall, it seems that these traders tend to be accurate in long-term periods, but may not always accurately predict short-term price movements.”
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