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Cryptocurrency News Articles
Santiment Data Shows Token Holders and Traders Are Bearish on Chainlink, Ethereum, Solana, and Bitcoin
Oct 11, 2024 at 03:00 am
As the crypto market struggles to shake off the weakness of last week, the latest sentiment data from Santiment shows that token holders and traders are bearish
Top cryptocurrencies like Chainlink, Ethereum, Solana, and Bitcoin are facing bearish sentiment among traders and token holders, according to the latest data from Santiment. Chainlink, despite being outside the top 20, is showing the most bearish sentiment.
This is interesting considering the coins in focus are all in the top 10, except for Chainlink. Out of the four, Chainlink is still struggling to break into the top 20. At the time of writing, Chainlink is trading at $10.4 and ranks 17th.
Chainlink Struggling Despite CCIP Success, Ethereum Disapdients
Santiment didn’t provide a specific reason as to why the community is bearish on these tokens. However, there are some fundamental factors that could be propping up this outlook.
Chainlink, despite being a leader in decentralized finance (DeFi) with their oracle solution and Cross-Chain Interoperability Protocol (CCIP), is still struggling to gain momentum.
Chainlink is a decentralized oracle network that provides smart contracts with access to off-chain data. It is used by a wide range of DeFi protocols, NFTs, and other Web3 applications to securely connect on-chain and off-chain worlds.
Their CCIP is a new standard for cross-chain communication that enables multiple chains to interact and transfer assets and information seamlessly. It is designed to connect different blockchains and layer-2 networks, enabling interoperability and expanding the DeFi ecosystem.
Despite this, the Chainlink token (LINK) is still lagging behind. From the 2021 highs, LINK rose to as high as $22, which is a 53% decrease from the 2024 highs.
Considering the role Chainlink plays in DeFi and NFTs, traders and token holders expected the token to move higher. This was especially so after the launch of the CCIP solution, which has seen adoption from some of the top DeFi and TradFi platforms.
This could be one of the reasons why the community is bearish on the Chainlink token.
Pessimism about Ethereum’s outlook could also be stemming from disappointment following the approval of the first batch of spot Ethereum ETFs.
Unlike Bitcoin, whose prices ripped higher, breaking above $70,000 to as high as $74,000, spot Ethereum ETFs have not seen the same success.
According to Soso Value, as of October 10, all issuers in the United States managed to gather a total of $6.6 billion. However, there are massive outflows from Grayscale’s ETHE, putting a lot of pressure on ETH prices.
The second most valuable coin is still trading below $2,800 and is moving sideways in a possible distribution.
Solana is also facing pressure. The success of Pump.fun saw hundreds of thousands of meme coins being deployed, which supported Solana prices.
However, as Tron gains market share, the momentum is fading, which is having a negative impact on Solana prices.
Furthermore, in the coming few months, nearly $16 billion of assets will be distributed to victims by FTX trustees. Even though some might continue to HODL, others will choose to liquidate their assets, which could have a negative impact on the coin.
Disclaimer:info@kdj.com
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