Ethereum Name services hit a 2 year high after a sustained uptrend. ENS has surged by 45.49% over the past 24 hours
In fact, at the time of writing, ENS was trading at $35.64. This marked a 45.49% increase over the past 24 hours. Also, the altcoin has gained on weekly and monthly charts, hiking by 85.91% and 99.69% respectively.
The current market conditions raise questions about whether ENS is set for further gains, or whether the rally is mere speculation.For example, ENS’s NVT Ratio has declined over the past week to hit a low of 58 from a weekly high of 188. This decline suggests that the altcoin’s on-chain activity is growing faster than the market cap, signaling higher utility and adoption.This is further supported by a surge in daily active addresses.
A spike in active addresses and a declining NVT ratio suggest that the price rally is supported by strong market fundamentals and not from mere speculation.Additionally, the altcoin’s large transactions have surged to hit a yearly high of 695. Such a surge implies that whales are also actively engaged. This further supports our earlier observation of growing on-chain activity.Whale participation above is further evidenced by a surge in large holders’ inflow.
As such, the prevailing conditions support a further uptrend. If these conditions hold, ENS could surge and break the $40 barrier and find significant resistance at $42.Gladys is a passionate crypto-enthusiast and price analyst. With 3 years of experience in the blockchain space, she's well aware of the prevailing market trends. Gladys is uniquely committed to providing insightful and real-time content to the larger crypto-community.Subscribe to get it daily in your inbox.
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