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According to the latest analysis shared by cryptocurrency analysis company Santiment, the lack of FOMO observed in an altcoin could be a harbinger of an increase.
Chainlink (LINK) has staged a late rally this week and currently needs to gain just 10% to recapture a three-year high following its peak in January 2022, according to the analytics firm.
Despite the rise, the analytics firm claims that there is very little FOMO in LINK. The company interprets this as a positive sign. According to Santiment, markets tend to move in a direction contrary to the community’s expectations, and therefore the community’s lack of faith in this token could be fuel for the rally.
In addition, the company made a statement about Bitcoin and reported that the total BTC balances in mining wallets have been decreasing since April 2024. However, the latest decrease of 85,503 BTC observed in the last 48 hours was recorded as the largest decline observed since February. The other sudden decline in February occurred 2 weeks before the all-time high of $ 73,000.
However, the analytics firm added that the level of these wallet balances has not shown any correlation with the price of Bitcoin for most of the year. According to the firm, whales and smaller investors, sharks, who are not involved in mining, are still accumulating BTC. The firm reported that these two signals are a net neutral signal in total.
*This is not investment advice.
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