Status of UNI, AAVE, MANA and SOL amid market rally
Status of UNI, AAVE, MANA and SOL amid market rally.
An executive at crypto analytics firm Santiment analyzed a number of altcoins that were bullish earlier this week but have since corrected.
In a new YouTube video, Brian Quinlivan, Santiment’s Chief Marketing Officer to speak that the 30-day market versus real value (MVRV) index is useful for profiting from cryptocurrencies.
The MVRV index shows the average profit/loss of the coins in circulation.
According to the analyst, decentralized exchange Uniswap (UNI) is currently falling into a “good opportunity zone” in terms of its 30-day MVRV.
MVRV Tariff for the Day (30 Days – Purple) | Source: Santiment
“MVRV below 15% is a good zone of opportunity. Even though the index shot up, it was still below 15%…still in an opportunity zone for UNI.”
However, Uniswap saw a strong inflow into the exchanges and the supply on the exchanges increased accordingly. The analyst says the development is “something worrying”.
In addition, the number of active UNI addresses has also fallen sharply since its peak at the end of October 2021.
Daily Active Addresses | Source: Santiment
Quinlivan said that whales are accumulating the DeFi Aave lending protocol’s AAVE governance token. The analyst says that’s “a good sign from key stakeholders” in the asset. At the same time, AAVE shows some better numbers than Uniswap.
Percentage of holders 1,000-100,000 AAVE (purple) | Source: Santiment
Quinlivan noted that investors appear to be shorting the Decentraland Virtual Reality (MANA) platform on the Binance and FTX exchanges.
This is indeed a bullish development for cryptocurrencies.
“It’s pretty cyclical. Currently this is one of the most bullish metrics for MANA as there are so many short positions that they will eventually be liquidated by massive spikes as short positions at this level are not usually “nothing”. Go too far”.
Funding rate from MANA on FTX | The source: mood
However, Decentraland’s MVRV and on-chain metrics are looking down.
Development activity on the Solana Smart Contract Platform (SOL), as measured by daily GitHub submissions, has increased over the past year, the analyst said.
“Daily GitHub submissions are currently over 500 per day compared to 190 a year ago. So that’s a very good sign and shows that the team at Solana still believes in product improvement. Products innovate wherever possible, and they believe that sustainability has been around for a long time. That’s a really great thing to keep in mind when it comes to assets.”
Solana’s native token SOL is trading at $105.44 at press time, up 6.3% over the past day.
Development activities of SOL (purple) | Source: Santiment
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