Leading cryptocurrency analysis company Santiment has reported that Chainlink‘s LINK and four other altcoins’ on-chain data indicate the possibility of further price increases. The company also evaluated the on-chain situation for Bitcoin (BTC).
Starting with LINK, Santiment stated that the decentralized oracle network has seen a rise in unique wallet address activity. According to the analysis, “The number of unique LINK wallet addresses that interacted with the network reached 3,964 yesterday, reaching the highest level in the past two months.”
The cryptocurrency analysis company also highlighted that if market participants remain largely indifferent to the performance of the altcoin, Chainlink could rally further:
LINK climbed to $7.08 in particular. Less social volume in the crypto world means that more and more altcoin projects are moving under the radar.
Santiment is also closely monitoring the decentralized application (dApp) platform Loom Network (LOOM), the decentralized finance (DeFi) aggregation layer Frontier (FRONT), and the layer 2 Blockchain ImmutableX (IMX). According to the cryptocurrency analysis company, these three altcoins have outperformed the overall cryptocurrency market in recent times due to their increasing adoption rates:
Loom Network (+145%), Frontier (+138%), and ImmutableX (+29%) were assets that showed strong performance throughout last week. Each saw significant network growth (new wallet addresses were created). If this growth continues, further price increases can be expected.
Lastly, Santiment evaluated the largest cryptocurrency, Bitcoin (BTC), stating that the number of wallet addresses holding less than 100 BTC is at an all-time high. These wallet addresses control 41.1% of the current supply of the largest cryptocurrency. While non-whale wallet addresses are accumulating BTC, Santiment reported that whales or wallet addresses holding between 100 and 100,000 BTC have been offloading BTC since June.