Why Are Traders Super Bearish On Chainlink, Solana, and Bitcoin?
10 Octobre 2024 - 9:00PM
NEWSBTC
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 on some of the top altcoins.
According to their recent analysis, token holders are bearish the
most on Chainlink–a middleware solution that powers DeFi and NFTs,
Ethereum, Solana, and Bitcoin. Out of their assessment, it is
interesting to note that these coins on focus are those in the top
10, except for Chainlink that is still perched outside the top 20.
While Chainlink tops the list, others, mainly Ethereum, Solana, and
Bitcoin, are in the top 5. Chainlink Struggling Despite CCIP
Success, Ethereum Disappoints Although Santiment didn’t provide a
reason to explain why the community is bearish on these tokens,
there are fundamental factors that prop up this outlook. Despite
being a leader in DeFi through their Oracle solution and
Cross-Chain Interoperability Protocol (CCIP), Chainlink still
struggles for momentum. Related Reading: Analyst Warns Of Bitcoin
Market Shift: Are We Near A Major Sell-Off? LINK, the native token,
rose to as high as $22, which is below the 2021 highs and is
currently down 53% from the 2024 highs. Considering its role in
DeFi and NFTs, holders expected the token to float higher,
outperforming the market. This was especially so after the launch
of the CCIP solution, which has found adoption among some of the
top DeFi and TradFi platforms. Pessimism about Ethereum’s outlook
could also stem 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 been as successful. As of October 10, Soso
Value shows that all issuers in the United States managed just over
$6.6 billion. Even so, there are massive outflows from Grayscale’s
ETHE, heaping massive pressure on ETH prices. The second most
valuable coin is still trading below $2,800 and is moving sideways
in a possible distribution. Solana Suffers As Meme Coin Momentum
Fades, Impact Of FTX Asset Distribution Solana, on the other hand,
is also under pressure. The success of Pump.fun, which saw hundreds
of thousands of meme coins deployed, supported prices. However, as
Tron gains market share, the momentum is fading, negatively
impacting prices. Related Reading: Why Is Bitcoin Price Stagnating?
Investment Firm CEO Answers Moreover, in the coming few months, FTX
trustees will distribute nearly $16 billion of assets to victims.
Even though some might continue to HODL, others will choose to
liquidate–a negative for the coin. Feature image from DALLE, chart
from TradingView
Ethereum (COIN:ETHUSD)
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De Oct 2024 à Nov 2024
Ethereum (COIN:ETHUSD)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024