With tens of thousands of altcoins circulating the market, crypto investors can easily miss out on the next 100x coin due to it not being on their radar. This is often not the fault of the investor as it can be hard to keep track of so many coins. As a result of this, a Santiment analyst has presented a total of 6 overlooked altcoins that could be primed for a rally.
Crypto Analyst Presents Altcoins Using Network Activity
As pointed out by the crypto analyst in the Santiment post, the altcoins outlined were picked due to an uptick in their network activity. These tokens have been able to stay under the radar but their activities spread across transaction volumes, network growth, and large transaction numbers, among others, have caught attention.
“The extra juicy opportunities lie with projects that maybe haven’t seen any special price decouplings recently, yet have a surge in network growth, or whale transactions and accumulation.” He further added that these projects are “at minimum, likely to have some increased volatility due to extra activity that hasn’t existed on their respective networks in quite some time.”
1 – Bancor (BNT) Emerges Top Of Altcoins ListAs outlined in the post, the Bancor Network, a permissionless protocol that caters to open-source DeFi protocols, has seen a notable rise in its network metrics. This spans across high transaction volumes, active addresses, network growth, whale transactions, exchange inflows, and age destroyed (Consumed). This could be a predecessor to a rise in the BNT price.
The application-specific rollups Cartesi network which features a Linux runtime has also seen a rise in metrics similar to Bancor that could signal a rise in its native CTSI token. This also spans “High Transaction Volume, Active Addresses, Whale Transactions, Age Destroyed (Consumed)” as pointed out in the post.
Holo (HOT) on the Holochain allows for Peer-To-Peer (P2P) applications and has made it to this list mainly due to its whale transactions. The Santiment post shows a rise in whale accumulation among addresses holding between $100,000 and $1 million, as well as high whale transactions, exchange inflows, and age destroyed (Consumed).
The Powerpool (CVP) protocol is a governance-facing protocol that has seen similar trends to Holo (HOT) above. Just like Holo, there has been accumulation among whales holding $100,000 to $1 million. “High Active Addresses, Network Growth, $100K-$1M Whale Accumulation, Age Destroyed (Consumed),” the analyst writes.
The Storj (STORJ) project is one that aims to provide cleaner storage services, allowing organizations to cut down their carbon footprint as well as reduce their cloud storage costs. But this under-the-radar altcoin has made it into the list. The analyst points to “High Transaction Volume, Active Addresses, Network Growth, Whale Accumulation, Age Destroyed (Consumed)” as shown in the chart.
Unilend (UFT), a protocol that brings all decentralized finance (DeFi) trading to offer in one place, making them accessible through smart contracts, has seen a rise in activity as well. Coming up as the 6th altcoin on the list, Unilend’s growth spans “High Transaction Volume, Active Addresses, Network Growth, Whale Transactions, $100K-$1M Whale Accumulation, Exchange Inflow.”
Altcoins: Exercise Caution With These Cryptos
Although these assets have seen a lot of increase in their network activities, the crypto analyst warns that “It appears that 4 out of these 6 highlighted projects are likely getting hot network activity BECAUSE of the price pump. For the other 2, there are no guarantees that a pump is around the corner.”
However, as always, crypto investors are urged to “make your own assessments, research these and the many other projects that show similar hot network activity on this model in weeks to come.”
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