• The price of Cardano (ADA) has increased by 30% since the beginning of 2023.
• Binance Coin (BNB) has surged past its 100-day simple moving average of $265 and is likely to test the $300 target in the near term.
• On-chain data provider Santiment reported that the crypto trader sentiment around ADA and BNB is currently bearish, in comparison to the bullish outlook surrounding ETH and payments network XRP.
As the cryptocurrency market started the week on an optimistic note, with altcoins taking the charge of the recent rally, on-chain data indicators suggest that two Ethereum competitors – Cardano (ADA) and Binance Coin (BNB) – could be poised for a rally.
Cardano (ADA) is currently trading at a price of $0.31 with a market cap of $10.8 billion and is holding up to the ranks of being the eighth-largest crypto by market cap. Since the beginning of the year 2023, Cardano’s native crypto ADA has been on a roll with strong whale accumulation. On-chain data provider Santiment reported that 28 new addresses have popped up on the network that hold between 1M to 100M ADA, pointing to accumulation by the whales.
The BNB price has surged past its 100-day simple moving average of $265 and is likely to test the $300 target in the near term. Santiment’s data further reveals that the crypto trader sentiment around ADA and BNB is currently bearish, in comparison to the bullish outlook surrounding Ethereum (ETH) and payments network XRP.
However, Santiment adds that projects with bearish sentiment perform better historically. With major cryptocurrencies like Bitcoin (BTC) performing relatively flat, the rally in altcoins could be the start of a new trend in the cryptocurrency market.
It remains to be seen if Cardano (ADA) and Binance Coin (BNB) will be able to capitalize on the current bearish sentiment and rally further. For now, investors should keep an eye on the data and sentiment indicators to see if these altcoins can continue their bullish run in the near future.