Yet beneath the surface, a key on-chain metric is moving in the opposite direction. Santiment, a blockchain analytics firm, noted a divergence in this metric, suggesting a counter-movement relative to recent market signals.
The development highlights how on-chain data can diverge from price action in the near term, complicating the interpretation of short-term trends. Analysts warn that divergences do not guarantee a reversal, and confirmatory signals are required before drawing conclusions. Investors will be watching additional data points and price action for confirmation as this divergence unfolds. As the ecosystem evolves, market watchers will scrutinize whether this on-chain signal foreshadows a shift in momentum or remains a peripheral anomaly.
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