Crypto analytics firm Santiment has identified signs that the prices of several altcoins are poised to rise.
Santiment reports that the supplies of Ethereum-based native tokens for decentralized exchanges SushiSwap (SUSHI) and Injective Protocol (INJ), decentralized finance platform CurveDAO (CRV), and cross-chain protocol Biconomy (BICO) are decreasing on exchanges as users move their assets to self-custody.
Santiment also highlights that the native tokens for decentralized finance platform Reef Finance (REEF) and delegated proof of stake blockchain Aelf (ELF) are among the assets being transferred from exchanges to cold wallets, indicating a positive future for their prices.
In addition, Santiment notes that the number of transactions by whales for Ethereum-based synthetic assets platform Linear Finance (LINA) and virtual reality platform Decentraland (MANA) has reached a three-month high.
The analytics firm also reports that discussions about Bitcoin (BTC) on social media platforms have fallen to a three-month low, suggesting that traders are focusing on other assets and indicating market greed.
Please note that the opinions expressed in this article are not investment advice and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets.