Ethereum-Based Altcoin Flashing Signal That Preceded 610% Rally: Crypto Analytics Firm

Crypto analytics firm Santiment says virtual reality blockchain Decentraland (MANA) is quietly flashing on-chain signals that previously predicted an exponential rise in altcoins.

According to Santiment, MANA’s profit/loss ratio (which compares the amount of unprofitable coins to unprofitable coins) is at its lowest level in three years.

According to Santiment data, MANA exploded 610% the last time PnL was at its current level.

Decentraland is an ERC20, non-fungible token (NFT) and virtual reality asset with a shrinking market cap in 2022 that has been largely overlooked.

MANA’s profit/loss ratio is at its lowest level in three years. The next six weeks saw a +610% increase in price.

At the time of writing, the Ethereum-based altcoin is trading at $0.63, down more than 89% from its all-time high of $5.85. His 610% rise in MANA means a rally to $4.47.

Santiment also has radar on the leading oracle network Chainlink (LINK). According to the company, his recent LINK price volatility preceded a massive surge in social media activity.

Chainlink’s market cap fell by up to 5% on Friday before rebounding when trading ended for the day (UTC time). The latest occurred when prices started to rise again.

Looking at Ethereum (ETH), Santiment says ETH whales and sharks have pushed the price down over the past five weeks. Based on the company’s data, Ethereum addresses held between 1 and 1 million ETH, triggering both the August bailout rally and last month’s correction.

Ethereum shark and whale addresses (holding between 1 and 1 million ETH) have lost 3.3 million ETH in the last 5 weeks, equivalent to about $4.2 billion in discarded coins. The price vs. Bitcoin has moved up and down based on the actions of these key stakeholders.

At the time of writing, ETH is trading at $1,308, up 1.66% over the last 24 hours.

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