Crypto Analytics Firm Predicts Major Swings For Cardano, Maker And One AI Altcoin Up Over 500% In 2023
Crypto analytics firm Santiment predicts price volatility for Cardano (ADA), Maker (MKR) and Fetch.ai (FET) after they all rallied this year.
Sentiment says an increase in whale activity on the three projects, smart contract platform ADA, stablecoin issuer MKR and machine learning blockchain FET, signals big price swings ahead.
“Cardano, Maker and Fetch have all had their moments to shine in 2023. Especially FET, which has been 5x since January 1st. But these three assets in particular have all had a sharp increase in whale activity and you can expect big swings from here .”
Fetch.ai had one of the strongest performances among altcoins in 2023, rising 527% from its 2022 end of $0.094 to its February high of $0.59.
Fetch.ai is worth $0.46 at the time of writing.
Sentiment says Maker has gone on a strong enough rally to finally bring the average holder above water for the first time since December 2021. Maker is trading at $887.88 at the time of writing.
“Traders who have invested in Maker over the past year are finally above water. Our latest community insight takes a look at MKR’s 13% increase in offers on exchanges, increased selling pressure and what this means for future price developments.”
Looking at king crypto Bitcoin (BTC), Santiment says whale addresses are down from an all-time high of 2,489 on February 8.
“The amount of whale Bitcoin addresses in existence continues to decline, with 2,011 existing compared to 2,266 in existence a year ago today. 2,489 was the All Time High set on February 8, with prices jumping +70% over the following 10 the weeks.”
Finally, Sentiment says metaverse platform The Sandbox (SAND) sets the stage for a price correction following a token unlock.
“Sandbox had 20% of tokens unlocked on February 4th, in line with tokenomics. However, prices have been stagnant.
In a Santiment Insights blog post, the research firm dives deeper into an unusual pattern seen in SAND.
“However, between February 20 and 22, an unusual pattern emerged where more tokens entered the exchange markets, even at lower higher-higher values. This increase in supply indicates that prices are likely to correct soon. Similar patterns were observed during previous token unlocking events in August-September 2022. Where prices plunged after a month of token unlocking.”
The sandbox trades for $0.69 at the time of writing.
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