Cryptocurrency analytics firm Santiment reports a notable shift in onchain data of three altcoins as traders await a potential rebound in the Bitcoin and cryptocurrency markets.
Address Activity Surge for Cardano
Analysts note that address activity for Cardano (ADA) has risen to its highest level since last March. Such spikes in activity often precede significant price movements.
Quant's High Metrics
Interestingly, similar dynamics can be observed for Quant (QNT). Address activity has not been measured this high since November 2022.
Holo Data Analysis
The Holo (HOT) platform also saw a similar spike in activity, which, like Cardano, has not been recorded since March of the previous year. The data was obtained from the number of daily active addresses performing transactions.
The current changes in onchain data for Cardano, Quant, and Holo could indicate upcoming moves in the cryptocurrency market. It is important to keep monitoring these trends, as historical spikes in activity often precede price changes.
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