The cryptocurrency insights platform Santiment has identified three altcoins that are gaining attention as a historically bullish signal emerges.
Santiment informs its 188,000 followers on the social media platform X that the lending platform Aave, the metaverse initiative Decentraland (MANA), and the indexing protocol The Graph (GRT) are experiencing notably high short ratios on Binance, the world’s leading crypto exchange.
A disparity in short selling can often trigger a short squeeze—a swift and volatile price surge that leads to the liquidation of short positions in a cascading effect.
Santiment states,
“Altcoins to monitor as the cryptocurrency market continues its robust recovery include Decentraland, The Graph, and Aave. Each of these coins within the top 100 market caps shows substantial short ratios on Binance, suggesting that liquidations would result in significant price increases.”
However, Santiment also points out that whale transactions have dramatically decreased since mid-August, indicating that larger players are taking a cautious approach before their next moves.
“Whale transactions in cryptocurrency have seen a significant decline since mid-August
Bitcoin: -33.6% drop in $100K+ transfers since the peak in March/April
Ethereum: -72.5% drop in $100K+ transfers since the peak in March/April
This trend is not necessarily a bearish indicator. Whales can exhibit activity in both bull and bear markets. Nevertheless, it signifies that major stakeholders are carefully assessing the situation before deciding on their next steps amid extreme crowd greed or fear.
The crowd has reacted strongly to mid-range fluctuations since BTC’s all-time high six months ago. Based on sentiment trends, a rise back to $70K would likely trigger significant fear of missing out (FOMO), while a dip to $45K would probably create substantial fear, uncertainty, and doubt (FUD).”
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