Blockchain analytics firm Santiment is pointing 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 Ethereum miners have been stacking ETH aggressively throughout the asset’s recent recovery from its three-month low of $1,707.
“Ethereum miner balances have absolutely skyrocketed in August, essentially tripling from 81,512 ETH to 243,000 ETH today (+198%). The historic reversal in miner coins held has reversed from an [all-time low] in late July to a virtual three-year high today.”
The second-largest crypto asset by market cap is currently trading at $3,388, up 3.8% on the day according to CoinGecko.
As for Solana, Santiment’s weighted sentiment tracker analyzes the positive and negative commentary surrounding a crypto asset. The analytics firm notes that crowd positivity surrounding Solana is reaching historically high levels.
“Solana’s run-up just keeps getting more historic. Crypto traders are discussing the NFT (non-fungible token) darling at rates most altcoins can only dream of. Weighted sentiment has surpassed four deviations above mean, sending crowd positivity and volume to historic levels. “
Santiment adds that as SOL has blasted off to new all-time highs, so has the conversation surrounding it.
“Solana is making up nearly 10% of crypto conversations right now as it blasted off to a new [all-time high] of $106.82. As Bitcoin and most other altcoins range, volatile and pumping coins like SOL will continue to intrigue traders looking for action.”
At the time of writing, Solana has pushed beyond $106.82 and briefly tapped the $130 level before cooling off. Currently, the asset is trading at $111.86.
Taking a look at Cardano, Santiment highlights that social dominance tends to be a reliable indicator for ADA’s price action. According to Santiment, Cardano’s decreased social dominance puts it in a position to launch another surge.
“Cardano is back to its pumping ways on a bullish Friday. Social dominance is a great leading indicator for ADA, and the percentage of discussions is at a modest 8% compared to a peak of 25% last week. It can run higher until the crowd euphoria returns.”
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