Crypto analytics platform Santiment says the token of an under-the-radar Ethereum (ETH) scaling solution has more upside potential even after recording triple-digit gains over the past couple of weeks.
Santiment says that the Ethereum sidechain Skale Network (SKL) has more than tripled its market cap since mid-August amid an increase in the number of addresses.
According to Santiment, traders are taking short positions on Skale Network as they bet that prices will fall soon.
“SKL could push up even further until traders stop expecting a retrace, as liquidated shorts often act as rocket fuel to propel values higher.”
SKL is trading at $0.0601, up by around 209% from a low of $0.0194 reached in mid-October.
Next up is Ethereum. Santiment says that the second-largest crypto asset by market cap is witnessing a major increase in address activity.
According to Santiment, Ethereum is flashing a “promising sign” as the rise in address activity is not accompanied by ETH moving to exchanges. Currently, around 8.24% of the Ethereum supply is sitting on exchanges, an all-time low, per the crypto analytics platform.
Ethereum is trading at $2,013 at time of writing.
Next up is the blockchain oracle Chainlink (LINK). Santiment says that Chainlink’s surge over the past couple of weeks was preceded by whales heavily accumulating the 12th-largest crypto asset by market cap.
“Going back to October 17th when Chainlink was priced below $7.40, the 200 largest wallets suddenly added 40.18 million LINK. Starting 2 days later, the asset saw prices soar +125% in 25 days, and now sits at approximately $14.60. These wallets remain high ever since.”
Chainlink is trading at $14.30 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here