Flashing Ethereum-Based Altcoin Bullish Signal Under Radar, Says Crypto Analysis Firm Santiment

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Crypto analytics platform Santiment says an Ethereum (ETH)-based altcoin is showing signs of a potential rally based on on-chain data.

Santiments Chief Marketing Officer Brian Quinlivan says interoperable blockchain game Illuvium (ILV) is sending a potentially bullish signal amid a surge in on-chain transaction volumes.

A $14 million whale trade, the largest since July 2022, took place early Thursday.

According to Quinlivan, the peak of Illuviums’ on-chain transaction volumes coincides with the token price of the interoperable blockchain game potentially at an all-time low.

“Illuvium has been sinking rapidly since its huge climb above $106 in early February. Now back below $47, there are fears that supply on exchanges has since risen steadily and now sits at 14.5% .

You will notice that on-chain transaction volume for the ILV network skyrocketed following this transaction to $14.0 million, the highest level in about 14 months.

This could potentially be a bullish signal, given that it is occurring during what could be a plausible lower zone for the price.

Source: Santiment/Twitter

Illuvium is worth $46.90 at the time of writing.

Regarding Lido DAO (LDO), Quinlivan says that while liquid staking protocol Ethereum has witnessed several large on-chain transactions this year, its supply on exchanges is relatively low for an altcoin.

“Lido Dao had several very important moves on its network throughout 2023.

So much so that this massive transfer from one self-custody wallet to another did not lead to a significant increase in trading volume.

What we do know is that the supply on LDO exchanges is just under 6%, which is relatively strong for an altcoin.

Source: Santiment Insights

Lido DAO is trading at $2.01 at the time of writing.

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