Crypto analytics platform Santiment says many are bearish on Solana (SOL), Tron (TRX) and Binance Coin (BNB), which could sign a backside is close to.
In keeping with Santiment, heavy bearish sentiment is typically a sign for an imminent upswing in worth.
“We’re in a spot now the place a number of cryptocurrencies are seeing some rising optimism, whereas others are being ridden off as lifeless. Do not forget that from our backtesting through the years, the extra optimistic the mainstream crowd is about an asset, the LESS possible it’s to rise. And the extra the gang believes a coin is ‘performed,’ the MORE possible it’s to rise.”
Solana, the blockchain platform for internet hosting decentralized purposes, is going through numerous worry, uncertainty and doubt (FUD), based on Santiment.
“Solana is just not very extremely regarded in any respect today after actually falling off from its $258.93 all-time excessive one yr in the past. Destructive sentiment towards SOL has fallen again to its lowest ranges since late July, and there hasn’t been a ton of worth response but. However with this a lot FUD, it may be thought-about a optimistic signal.”
In keeping with Santiment, there may be upward worth motion for BNB, the native coin of the Binance cryptocurrency trade, after experiencing a few of its highest bear sentiment final week and yesterday’s Binance Good Chain hack.
“Binance’s native token noticed its most destructive sentiment final week as nicely, like Solana. The worth, unsurprisingly, has been climbing ever since.”
Santiment additionally says a worth climb could also be in retailer for TRX, a blockchain undertaking initially designed to function a decentralized storage and distribution platform for social media and digital leisure content material.
“Tron’s worth motion has been a little bit of a curler coaster ever because it had its large crash in mid-June. Observe how the 5 weeks following that crash, the gang was extraordinarily destructive towards TRX, and the worth recovered. Nicely, with extraordinarily destructive sentiment occurring as soon as once more, we might see an analogous sample.”
At time of writing, SOL is buying and selling arms at $33, BNB at $281.63 and TRX at $0.062.
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Featured Picture: Shutterstock/Jozef Klopacka
