On-chain analytics firm Santiment pointed to the massive accumulation of whales in 2 popular altcoin projects. According to analysts, this demand from giant wallets may signal the beginning of an uptrend.
Altcoin whales move as ETH price approaches $3,000
Leading smart contract platform Ethereum (ETH) made a strong move to the upside, increasing its weekly gains by 15% and approaching $3,000. Simultaneously, the whales have become active again for the first time in three weeks. Analysts from on-chain data provider Santiment reveal interesting statistics about this backlog in a recent report:
Ethereum has climbed above $2,900 for the first time since March 2, and whale transactions are increasing at a rapid pace. Yesterday was the first day that more than $7,000 was traded on the ETH network since the news of the war broke out.
With the recent price surge, Ethereum (ETH) managed to break above the resistance trendline for the first time this year. Therefore, any pressure above $3,000 with strong volumes could help break the psychological barrier and analysts predict the uptrend could continue.
Additionally, data from IntoTheBlock shows massive ETH outflows from exchanges this week in anticipation of strong bullish price action. cryptocoin.com As we reported, on Friday, March 18, stock markets recorded the biggest single-day outflow for 2022 with a surprising 180 thousand. The last time such outflows were recorded, ETH posted a 15% gain over the next ten days.
AAVE V3 protocol woke whales
AAVE, the native cryptocurrency of DeFi protocol Aave, has gained a strong 30% in the last two days. AAVE price gained momentum after Aave announced the launch of V3 Protocol on Wednesday, March 16. The price increase also appears against the background of strong whale accumulation. centiment, He states that one of the key factors behind the AAVE price rally was “the fact that significant whales have collectively amassed $70,000 AAVE worth $10.7 million in the last 2 months.”
Meanwhile, AAVE price is still trading 50% below ATH on the quarterly chart.
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