Cryptocurrency analytics platform Santiment has identified 20 cryptocurrencies that are likely to see a price increase based on negative public sentiment observed on social media. In a post shared on social media platform X, the company announced that prominent assets such as Chainlink and Ethereum were included in the list.
Negative Sentiment and Growth Potential
According to Santiment, the increasing negative comments about these assets on social media could indicate a potential increase in value in the future. It has been noted that negative sentiment has historically increased the chances of recovery for cryptocurrencies that have entered a downtrend.
âChainlink, Ethereum, Bitcoin, Solana, and XRP are assets that the community has heavily criticized throughout the ongoing crypto downturn. The altcoins that have attracted the most bearish crowds historically are more likely to rally.â
In compiling its âTop 20â list, Santiment used a âWeighted Sentimentâ metric, which combines the assetâs social volume across various platforms (X, Reddit, Telegram, 4Chan, and Bitcointalk) with the ratio of positive to negative comments. This method is intended to provide a more accurate reflection of the assetâs overall sentiment.
Possible Bullish Signal for Bitcoin
Santiment also provides insights into Bitcoin's bullish potential.
âOur metrics show an unusual surge in activity on the Bitcoin network, with on-chain volume reaching $37.4 billion on Tuesday. Historically, the delay in BTC returning to regular circulation has been a positive indicator for future price action.â
Furthermore, Santiment notes that Bitcoin could soon see a price increase.
Back to the 20 cryptocurrencies, other assets listed include Solana, XRP, Optimism, Polygon, Sui, Cronos, Fantom, Avalanche, Cardano, Render, Floki, Pepe, Toncoin, Filecoin, Injective, ShibaInu and Tron. According to Santimentâs analysis, these assets could increase in value following negative sentiment.
Santimentâs analysis can serve as a useful tool for traders to identify potential bullish opportunities. This approach demonstrates how social media data can be leveraged to predict volatility in the cryptocurrency market and provides a unique perspective on market dynamics.
In short, the data presented by Santiment can help identify trends and potential bullish opportunities in the cryptocurrency market. By harnessing the power of social media, analyzing the future performance of crypto assets becomes more feasible.
