Despite recent huge events in the crypto industry, Bitcoin is experiencing a period of exceptional price stability. In that time, there have been a few minor ups and downs, triggered by big global events such as Russia’s invasion of Ukraine, but no long-term trend has emerged.
The broader cryptocurrency market has mostly followed bitcoin’s price changes, however certain popular cryptocurrencies, like as Ethereum (ETH), Cardano (ADA), and Solana (SOL), have suffered significantly more significant losses as investors flock to the safer bitcoin.
Ethereum(ETH)
Despite its price drop in recent months, the utility of Ethereum (ETH) has not decreased, according to a renowned analytics firm.
In a new tweet, Santiment points out that the number of daily active addresses (DAA) for ETH has stayed stable over the last four months, despite the fact that the price has dropped by about 35%.
The difference between Ethereum’s DAA and price, according to the crypto analytics firm, has produced a bullish divergence for the top smart contract platform.
Above the $2,720 threshold, ETH has begun a new upward trend. The price rose over the $2,780 mark and the 21-day simple moving average. During the rise, there was a clear move above a crucial negative trend line with resistance near $2,790 on the hourly chart. The bulls even managed to drive the price above $2,800. ETH is still on the rise and could reach $2,880 in the near future.
Chainlink(LINK)
Ethereum isn’t the only cryptocurrency with optimistic indicators. According to Santiment, Chainlink (LINK), a decentralized oracle network, is exhibiting an interesting token circulation trend.
In a new Santiment Insights blog article, the analytics firm describes how there have been a few instances where circulation has increased, then been dumped, and then the price has risen. There’s a chance we’re following a similar path right now.
Santiment further points out that the bulk of LINK tokens have been traded at a loss since January, indicating a possible bottom.
At the time of writing, LINK is trading at $14.55 up by 0.7% in the last 24 hours. The token has traded in the range of $14.29 – $14.89 in the last 24 hours. The token could see more upside on the back of bullish sentiment in the market.
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