Renowned crypto analytics firm Santiment discusses what might come next for Ethereum (ETH) and Polygon (MATIC). Santiment shares its forecasts for these altcoin projects.
Santiment: Ethereum (ETH) has “good signs for bulls”!
Renowned crypto analytics firm Santiment reveals that Ethereum’s address activity has increased and the amount of active deposits has decreased since the “panic sale” at the end of May. The firm also notes that community sentiment, which is “a good sign for the bulls,” is currently in a bearish trend.
Also, Santiment points out that GAS fees on the Ethereum Blockchain have dropped and are back to levels not witnessed since mid-January this year. Santiment states that low GAS fees are on the rise for the best smart contract platform. Santiment adds the following to his explanations on the subject:
”Ethereum price ranges from $2,600 to $2,800, and one of the positive signs for the number two coin is that its fees are returning to mid-January lows. With an average GAS fee of just $5.48 per transaction, this allows traders to move assets more comfortably.”
Santiment: Top 10 Ethereum whale addresses heading towards a new milestone
Santiment adds that the number of ETH collectively held by the top ten Ethereum wallets is approaching an all-time high, which has historically been a particularly bullish signal for the coin. Santiment adds the following to his explanations on the subject:
”The top 10 Ethereum whale addresses are heading towards a new milestone in terms of retained supply. Currently holding 19.08 million ETH, these top addresses were holding an all-time high of 19.25 million ETH three weeks before the price soared above $4,300.”
Santiment: There may be a correction in Polygon before bullish
As for Ethereum scaling solution Polygon, Santiment says that rally-sold MATIC whales reaccumulated during the correction. Santiment adds the following to his explanations on the subject:
MATIC whales with 100,000 to one million tokens are accumulating. Looks like he’s been rallying for a while. And now they’re starting to buy this dip.
Santiment points out that while the MATIC is ultimately bullish, the Market Cap to Realized Value (MVRV) Ratio metric is showing some signs that further correction may be needed before another major rally begins.
Santiment is still optimistic about MATIC and provides three critical statistics!
MVRV divides a cryptocurrency’s market value by its actual value. This shows the average profit/loss of all cryptocurrencies currently in circulation relative to the current price. According to Santiment, based on MVRV, MATIC is a little overvalued at the moment. Santiment adds the following to his explanations on the subject:
Overall, MATIC’s MVRV is a problem and will remain a problem for a while. Regardless, more corrections are needed until we get into worthless territory.
The firm is still optimistic about MATIC and offers three statistics that investors should consider when evaluating the Blockchain scalability platform. Santiment adds the following to his explanations on the subject:
”Overall, there are more bullish than bearish signs at the moment. Things to watch: Active Addresses, Whale Transactions, Distribution of Whales Behavior…”