Blockchain analytics firm Santiment points to bullish on-chain data for Ethereum (ETH), Solana (SOL) and Cardano (ADA) as the crypto market heats up again.
Starting with Ethereum, Santiment highlights that the Ethereum miners aggressively stacked ETH during the asset’s recent rebound from its three-month low of $ 1,707.
“The balances of the Ethereum miners shot up in August and have essentially tripled from 81,512 ETH to 243,000 ETH today (+198%). The historical reversal in the miner coins held has changed from one [all-time low] At the end of July to a virtual three-year high today. “
Source: Santiment / Twitter
The second largest crypto asset by market cap is currently trading at $ 3,388, up 3.8% from the day Coin Gecko.
As for Solana, Santiment’s weighted sentiment tracker analyzes the positive and negative comments on a crypto asset. The analysis company notes that crowd positivity around Solana has reached a historically high level.
“Solana’s approach is becoming more and more historic. Crypto traders are discussing the NFT (non-fungible token) darling at rates most altcoins can only dream of. The weighted sentiment exceeded four deviations above the mean, which lifts the positive sentiment and the volume of the crowd to a historic level. “
Santiment adds that while SOL has hit new all-time highs, so do talks.
“Solana accounts for almost 10% of crypto calls right now as it crashed to a new one [all-time high] from $ 106.82. As with Bitcoin and most other altcoins, volatile and pumping coins like SOL will continue to fascinate traders looking for action. “
At the time of writing, Solana shot past $ 106.82 and briefly hit the $ 130 level before cooling off. Currently the asset is trade at $ 111.86.
Looking at Cardano, Santiment points out that social dominance tends to be a reliable indicator of ADA price movement. According to Santiment, Cardano’s decreasing social dominance enables it to start another surge.
“Cardano is back to his pump on a bullish Friday. Social dominance is a great leading indicator of ADA, and the discussion percentage is a modest 8%, compared to a peak of 25% last week. It can run higher until the crowd’s euphoria returns. “
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