The events following a short period a depression have increased network activity quite impressively. See the chart layout below. Here's just one example, YFI:
There are differences. For instance, REN:
REN is not picking up so strong because of it's complicated financial situation.
UNI experienced a strong growth before, when there was an NFT marketplace announced. But still, we can see it's growing strongly, even compared with NFT related pump.
Each token has it's own story. It's own specific story which makes the difference. But many have a common pattern, it's network activity increasing quite a lot.
We might follow up in few days with more detailed market overview, for now just seeing massively increased network activity on many tokens. Therefore, networks awake.
Chart layout: https://app.santiment.net/s/_Qz39fm9
Yesterday we tried to evaluate possible market moves using crowd sentiment: https://insights.santiment.net/read/monday-crowd-vibes-7128
Now when US Monday trading session is over we might review onchain activity.
With 24h daily active address metric as a proxy.
Long story short, a large number of tokens is now seeing an increasing divergence between price action (up) and active addresses (down).
This is a warning sign, many divergencies now have to be reset by either a price dump or increase in activity.
What could be good to observe on many tokens for a rally is an opposite divergence, similar to MKR:
Until then, we might probably expect some gravity push down.
Charts layout: https://app.santiment.net/s/jvnjSOT2
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.