The latest data on sentiment from Santiment shows that the crypto markets are still struggling to recover the losses of the previous week. shows It is clear that traders and token holders are not bullish about some altcoins. According to their recent analysis, token holders are bearish the most on Chainlink–a middleware solution that powers DeFi and NFTs, Ethereum, Solana, and Bitcoin.
In their evaluation, the focus is on the 10 coins in the list except Chainlink which still sits outside the Top 20. Chainlink is at the top of the list. However, Ethereum, Solana and Bitcoin are also in the top five.
Ethereum disappoints despite CCIP success, Chainlink struggles
Although Santiment didn’t provide a reason to explain why the community is bearish on these tokens, there are fundamental factors that prop up this outlook. Chainlink, despite being a leading player in DeFi with their Oracle solution as well as the Cross-Chain Interoperability Protocol(CCIP), struggles to gain momentum.
LINK is the native token and it rose as high as 22 dollars, which is lower than the highs of 2021. It is also currently 53% down from 2024. Due to its involvement in DeFi, NFTs and other platforms, token holders were expecting it to outperform the markets. The CCIP was a major factor, especially after its launch.
Pessimism about Ethereum’s outlook could also stem from disappointment following the approval of the first batch of spot Ethereum ETFs. Instead BitcoinSpot Ethereum ETFs, however, haven’t been quite as successful. Their prices are still above $74,000 but not as much as the spot Ethereum ETFs.
From October 10, the Soso Value shows All issuers managed to raise just under $6.6 billion. Even so, there are massive outflows from Grayscale’s ETHE, heaping massive pressure on ETH prices. Second most valuable coin still trades below $2800, and it is in an uptrend.
Solana suffers as the popularity of meme coins fades, impact of FTX asset distribution
Solana faces similar pressure. Pump.fun’s success, in which hundreds of thousands meme coins were deployed, helped to support prices. Tron is losing market share and the price of Tron has been negatively affected.
In the next few months, FTX trustees plan to distribute assets worth nearly 16 billion dollars among victims. Even though some might continue to HODL, others will choose to liquidate–a negative for the coin.
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Source: www.newsbtc.com
