Crypto Analytics Platform Santiment Alerts That Several Altcoins May Be Flashing a Bearish Signal

In a post on the social media platform X, Santiment says that some altcoins – including Sam Altman's digital identification platform Worldcoin (WLD) and memecoin SPX6900 (SPX) – are being sent to exchanges in relatively large volumes.

Crypto analytics platform Santiment is highlighting several altcoins that may be signaling bearish price action.

In a post on social media platform X, Santiment says that some altcoins – including Sam Altman’s digital identification platform Worldcoin (WLD) and memecoin SPX6900 (SPX) – are being sent to exchanges in relatively large volumes.

Generally, coins being sent to exchanges is considered bearish because it implies that more of the supply is available to be sold on the open market.

Other coins flashing the bearish signal include the governance token of cloud-based blockchain platform Onyxcoin (XCN), the native asset of automated staking service Lido DAO (LDO) and the utility token of digital asset exchange Crypto.com (CRO).

According to Santiment, several cryptocurrencies that may not be on traders’ radars are seeing over $1 million in coins being moved to exchanges.

The platform is keeping an eye on the following tokens this weekend:

XCN/USD, SPX/USD, LDO/USD, CRO/USD and WLD/USD.

Zooming out to Bitcoin, Santiment says that large BTC wallets, or those holding at least 100 coins, are currently at their second highest level since December of 2017 – which was around the peak of that bull market.

Santiment notes that Bitcoin’s market value has surged back to as high as $105,970 on a bullish crypto Friday with lots of positive price action.

One thing to watch is the amount of wallets that hold at least 100 BTC, which reached 17,799 addresses just before this one-month high price milestone.

Finally, Santiment says that conversations regarding inflation data, payments altcoin XRP and artificial intelligence (AI) are some of the key narratives currently driving the crypto markets.

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