Top ETH Competitor Now Displaying Bullish Signal

Crypto analytics tool Santiment predicts that the significantly unfavourable mood circulating Solana (SOL) might drive the price of the Ethereum (ETH) rival higher.

The market intelligence agency argues that the fear, uncertainty and doubt (FUD) surrounding Solana might prompt the innovative contract platform to rebound until the severely pessimistic mood decreases.

“There are not a lot of large Solana believers, even after the price bottomed out at $11.02 and rallied to $12.70 over the previous 15 hours. This FUD might create additional rebounding unless traders calm down their practically unanimous bets against SOL’s price.”

Source: Santiment

Solana is trading at $13.33 at the time of writing.

On the gloomy attitude throughout the more significant crypto sector, Santiment notes that capitulation events in the past have generally led to a comeback in pricing.

“The phrase dead has been fast floating among crypto platforms in November. As one of the most pessimistic mood terms, this indicates traders giving up on markets recovering. Ironically, this surrender is generally when markets rebound.”

Source: Santiment

Santiment further reports the cause for BTC alternative Litecoin’s (LTC) 30% price spike throughout the last week was a collecting frenzy by addresses owning between 1,000-100,000 LTC.

“Litecoin’s price spike may have astonished some of you, but the enormous address accumulation has been the key to monitor. In the previous two weeks, addresses holding 1,000 to 100,000 LTC gained $43.4 million in coins en route to the first price rise over $80 since May.”

Source: Santiment

LTC is trading at $78.71 at the time of writing, up by roughly 24% over the previous 24 hours and up by around 36% over the last seven days.

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