ICYMI: the price of Cardano, Monero and a few other altcoins might rise soon, according to Santiment data ADA $ADA $XMR
Tokens such as Cardano, Uniswap and Chainlink are recording losses between 8% and 11% in the last 24 hours, according to CoinMarketCap data.
On-chain analytics firm Santiment reports seeing a notable rise in leveraged short positions for different crypto assets recently. It notes that altcoins specifically are increasingly showing signs of overleveraged shorts and negative funding rates, stating that shorts liquidations might lead to a price rise.
This might be possible on the condition that if BTC begins to push markets upward, altcoins that see significant short liquidations will tend to use those liquidations as rocket fuel, it says. ADA attained highs of $1.64 on Jan. 18 amid optimism around the Cardano blockchain. The ADA price suffered rejection and subsequently declined, aided by the ongoing market sell-off. reports active development across the Cardano blockchain and an increase in daily active addresses .DAAs are a helpful metric to track network activity over time. In general, growing DAAs signal greater blockchain usage, while declining DAAs point to lower demand for the network.
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