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Crypto analytics platform Santiment is issuing a warning following a moderate altcoin rally recorded over the past two days.
Santiment says that a recent increase in the number of positive terms on social media platforms could herald a bearish reversal.
According to Santiment, euphoria and fear of missing out (FOMO) peaked in two months and this generally indicates that a local peak is present. High levels of the opposite feeling – fear, uncertainty, and doubt (FUD) – usually signal the reaching of a bottom, by Santiment.
“This week’s modest crypto rally, particularly for altcoins, has led to an increase in social media mentions of terms such as ‘buy’, ‘buy’, ‘low’ and ‘bull’.
Historically, these positive terms are signs of euphoria & FOMO. Proceed carefully here.
Source: Santiment
Some of the altcoins that have skyrocketed since Sunday include Solana (SOL), which at the time of writing is up 43% from $9.83 to $14.07 and the Decentralized Autonomous Organization (DAO ) of the Lido DAO (LDO) liquid staking protocol is up 49% from $0.951 to $1.42.
On Ethereum (ETH), Santiment says that while the second-largest crypto asset by market cap rose only slightly, interest in whales hit a three-week high.
“As altcoins warmed up, Ethereum quietly rebounded above $1,260 for the first time in 3 weeks. ETH), whales are once again showing increased interest.
Source: Santiment
Ethereum, which hit a local low of $1,168 on December 16, is trading at $1,250 at the time of writing.
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