The crypto market is struggling to recover following recent losses. Now, an Ethereum-based altcoin surged 2,046% from the lows that it saw this year.
Ethereum-based altcoin surged from 2022 lows
According to the latest reports, an Ethereum-based altcoin that rallied over 11x from this year’s bottom is now likely to witness a corrective move. The info is according to a leading analytics firm, Santiment.
BarnBridge (BOND) which is a blockchain protocol that aims to tokenize risk, exploded from its 2022 low of $2.18 last month to a high of $24.99 on July 24th, marking an increase of 1,046%.
Santiment said that several on-chain metrics are flashing signs of significant growth amid BOND’s exponential price increase.
“Onchain activity is increasing along with price. It’s generally good. More action is able to support price trend up. [Also] It’s amount of new addresses interacting with BOND daily. Same here, new blood keep flowing into BOND. No divergence with price. Only support.”
More than that, Santiment noted that holders of 100 to 100,000 BOND have sold their coins throughout the rally.
“Owners from 100 to 100,000 BOND decreased their holdings on this pump. They all gave up. And price can keep pumping on this denial. To punish many holders that dumped.”
According to the latest reports, it’s been revealed that a number of on-chain metrics support BOND’s explosion from the bottom. Santiment highlighted that the coin is now flashing strong bearish signals.
The same platform notes that the number of whale transactions has already topped out. This shows the fact that BOND is at a high risk of price correction.
New crypto bear market lows are on the table
It’s been revealed that an important crypto strategist who accurately called the 2018 bear market bottom for Bitcoin (BTC) is issuing a fresh warning for the king crypto.
Pseudonymous analyst Smart Contracter has recently said that Bitcoin’s rally to around $24,000 last week now appears to be a trap set for BTC bulls.
In order to learn more details about the data revealed above, we suggest that you check out our previous article.