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Most Altcoins in ‘Historic Position’ to Rally As Traders Realize Heavy Losses Over the Past Month: Santiment

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Analytics firm Santiment says the majority of altcoins look set to ignite rallies after a month-long crypto correction.

Santiment says that the ongoing marketwide pullback has driven many altcoin traders to unload their stacks and incur heavy losses.

“According to our model, the mid-term gains and losses by average wallets indicate heavy realized losses across most altcoins. Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over one-month, three-month and six-month cycles.”

The MVRV is an on-chain indicator used to assess whether a crypto asset is undervalued or overvalued.

With the MVRV hovering at prime opportunity zones across multiple time frames for most altcoins, the analytics firm says that alts may be in a “historic position” to witness rallies.

“It may be justified to buy while there is growing fear seeping in from the crowd after all of these market cap dips.” 

Image
Source: Santiment/X

Amid the setup for a potential rally, Santiment notes that traders are starting to ignore volatile altcoins like Dogecoin (DOGE) in favor of crypto assets that have held up well amid choppy conditions.

“The total amount of non-empty Bitcoin wallets is rapidly growing despite choppy prices. Altcoin wallets for assets like Dogecoin have flattened after enormous rises earlier this year. Cardano is one of the few networks to see active wallets drop.”

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Source: Santiment/X

At time of writing, DOGE is trading for $0.149, down over 34% from its 2024 high of $0.228. Meanwhile, Bitcoin is worth $64,000, a 13% decrease from its 2024 high of $73,650.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Ethereum-Based Altcoin Leads Real-World Assets Sector in Development Activity, According to Santiment

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Blockchain analytics platform Santiment says one Ethereum (ETH)-based altcoin project is leading in the real-world asset (RWA) sector based on development activity.

Santiment says that blockchain oracle Chainlink (LINK) is seeing the greatest amount of daily activity on the development hosting platform GitHub.

LINK Is seeing more than two times the amount of development activity compared to the second most active blockchain project, Synthetix (SNX), a decentralized finance (DeFi) crypto that allows synthetic asset creation on Ethereum.

“Here are crypto’s top real-world assets by development. This list is compiled by counting any non-redundant GitHub activity, and averaging this daily activity over the past 30 days. Chainlink currently produces 2.49x more daily activity than the next most active project, Synthetix, in the RWA sector.”

Santiment’s ranking list is as follows: 1. Chainlink 2. Synthetix.io 3. Centrifuge (CFG) 4. Dusk (DUSK) 5. Oraichain (ORAI) 6. Creditcoin (CTC) 7. IX Swap (IXS) 8. Maker (MKR) 9. Polymesh Network (POLYX) 10. Reserve Rights (RSR).

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Source: Santiment/X

Santiment also says that the native asset of decentralized oracle protocol Tellor (TRB) is outperforming most other digital assets so far this month.

“Tellor is one of the top performing assets thus far in May, exactly doubling in market cap since the calendar month turned. Whale transactions and address activity have both seen sudden spikes, which are suggesting potential TRB profit takes.”

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Source: Santiment/X

Tellor is trading for $111.64 at time of writing, up 16% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Hackers With $182,000,000 Stolen From Poloniex Starts Moving Funds to Tornado Cash

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The hacker who looted the crypto exchange Poloniex has started moving Ethereum (ETH) to the mixing service Tornado Cash, according to the digital asset de-anonymizing platform Arkham.

Arkham notes the hacker moved 1126.1 ETH worth more than $3.4 million into Tornado Cash across a series of 20 transactions on Monday and Tuesday.

They represent the exploiter’s first moves into the controversial Ethereum-based crypto mixer, which helps users conceal their digital assets.

The hacker raided Poloniex in early November, stealing $56 million worth of ETH, $48 million worth of Tron (TRX) and $18 million worth of Bitcoin (BTC), as well as smaller amounts of other crypto assets.

The exchange, which is owned by Tron founder Justin Sun, offered a 5% white hat bounty that went unaccepted. and the hacker still holds $181.47 million worth of crypto in their primary address, according to Arkham.

Justin Sun-affiliated projects have endured a prolific string of attacks in the past several months:  In September, hackers exploited the Sun-linked exchange giant HTX for approximately 4,999 Ethereum worth $7.9 million, according to the blockchain security firm PeckShield.

Then in November, hackers hit HTX and Heco Bridge, another Sun-linked project that’s used to move funds between Ethereum and energy-saving blockchain Heco Chain, for a combined $100 million, according to cybersecurity firm Cyvers.

And in January, hackers once again struck HTX, hitting the exchange with a distributed denial of service (DDoS) attack that caused a brief outage.

A DDoS attack is a malicious attempt by bad actors to flood the target website with traffic to overwhelm the site’s infrastructure.

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‘Last Dip Ever’ – Analyst Predicts Solana Rally, Says Three Memecoins Will Surge Alongside SOL

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A closely followed crypto trader believes that Solana (SOL) just witnessed its last major correction for this market cycle.

Pseudonymous analyst Inmortal tells his 213,300 followers on the social media platform X that SOL bulls successfully defended support at around $120.

The trader shares a chart suggesting that the blue-chip altcoin is now poised to rally to a fresh 2024 high at $320.

“Last dip ever.

SOL.” 

Image
Source: Inmortal/X

At time of writing, SOL is worth $153.45, suggesting an upside potential of nearly 110% if the altcoin hits the analyst’s target.

Inmortal also predicts that a trio of memecoins will rally alongside Solana. The trader is taking a close watch on Floki (FLOKI), which he says looks bullish after retesting the 200 moving average (MA) on the eight-hour chart and reclaiming support at $0.00015.

Inmortal believes that FLOKI will dip to around $0.00017 before surging to $0.00025 later this month.

“IF SOL goes up, THEN FLOKI, DOGE, PEPE go up too.

Especially interested in FLOKI

> Deviation + Retest + 200 MA
> A bit lagged.” 

Image
Source: Inmortal/X

At time of writing, FLOKI is trading at $0.000179.

Another coin on the trader’s radar is Seedify.Fund (SFUND), an incubator and launchpad specializing in blockchain gaming. According to the analyst, SFUND is currently in the process of cementing the $2.60 level as support.

“Retesting a 578 days accumulation, for the second time.

Definitely, you don’t see this every day.

SFUND.” 

Image
Source: Inmortal/X

Looking at the trader’s chart, he seems to predict that SFUND will rally to $6 in the coming months. At time of writing, SFUND is trading at $2.65.

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