Market analysis company Santiment reports that crypto investors with deep pockets are stockpiling Ethereum (ETH), and a rebound in the digital asset market could be near.
In a new post on social media platform X, Santiment reports that whale activity levels in #ETH have risen to a six-week high, an encouraging sign that the major altcoin may be ready to rally.
whale activity in #Ethereum rose to a six-week high when prices fell to $2,380 on Friday. Historically, this is a sign that large participants with significant capital are hoarding. It's not a guarantee that prices will rise anytime soon, but it is encouraging.
The Santiment graph shows that 6,428 new ETH wallets were created on Oct. 24, the highest number since Sept. 5.
The crypto analytics company also points to several potential catalysts for a market rally, including a rise in FUD (fear, doubt and uncertainty) and increased focus on mencoins, suggesting that a rebound could happen in the next few days.
#Solana , Jito, Cosmos and Jupiter were notable leaders in a tumultuous week for the cryptocurrency market. Data shows that meme coins are attracting interest amid bitcoin's decline.
If the market maintains its disappointing trajectory through the weekend, sentiment is expected to begin to reflect a much-needed FUD, suggesting a quick market rebound [this week].
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