A leading analytics firm says that Chainlink (LINK) and three additional altcoins may continue to see more surges amid bullish on-chain data readings.
Looking at Chainlink, Santiment says the decentralized oracle network is rallying on the back of increased unique address activity.
“The amount of unique LINK addresses interacting on the network hit 3,964 yesterday, its highest level in two months.”
The analytics firm also says that Chainlink may witness more rallies if market participants remain largely indifferent to the altcoin’s performance.
“LINK has notably climbed to $7.08… Less social volume in crypto means more and more projects are moving under the radar.”
At time of writing, LINK is worth $7.22, up over 18% from its seven-day low of $6.09.
Santiment is also keeping a close watch on the decentralized application (DApp) platform Loom Network (LOOM), decentralized finance (DeFi) aggregation layer Frontier (FRONT) and layer-2 blockchain ImmutableX (IMX). According to the analytics firm, the three altcoins are outperforming the broader crypto markets amid increased adoption as of late.
“Loom (+145%), Frontier (+138%), and ImmutableX (+29%) have been strong performing assets over the past week. Each has enjoyed major network growth (new addresses being created). If this growth is maintained, their prices can continue their rallies.”
As for Bitcoin, Santiment says that the number of addresses holding less than 100 BTC is at a new all-time high, owning 41.1% of the crypto king’s available supply. While non-whale wallets are gobbling up the flagship crypto, Santiment notes that whales, or entities holding 100 to 100,000 BTC, have been unloading Bitcoin since June.
At time of writing, Bitcoin is trading at $26,641.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
