Analytics platform Nansen shared the list of tokens that are at the forefront of smart money inflows. Accordingly, while the cryptocurrency market remained relatively calm over the weekend, smart money is accumulating the 4 tokens. Meanwhile, an altcoin broke away from the market and made a 2X move. This triggered renewed interest among investors.
These 4 altcoins are at the top of the smart money’s choice list!
cryptokoin.comAs you follow from , the market lost momentum last week. Leading cryptocurrency Bitcoin is struggling to get ahead after the spot Bitcoin ETF hype. However, interest is shifting to altcoins. Analytics platform Nansen shared the list of coins where smart money is flowing. Accordingly, ETH, GALA, ROUTE and HIGH are at the forefront of the smart money’s entry list in the last 24 hours. According to Nansen data, the last 24-hour fund inflow tracking list is as follows:
- ETH: It saw inflows of approximately $22.8 million. The leading altcoin was changing hands at $2,469, down 0.57% in the last 24 hours.
- GALA: There was an entry of approximately 1.3 million dollars. The token was trading at $0.023, a decline of 0.64% in the last 24 hours.
- ROUTE: Approximately $1.08 million was inflow. It is currently trading at $7.26, up 5.3% in the last 24 hours.
- HIGH: Seen inflows of approximately $370,000. The altcoin was changing hands at $1.69 at the time of writing, up 12.7%.
API3 price increased 100% in one day!
Despite the calmness of the crypto market, API3 price increased by over 100% during the day. At the time of writing, the altcoin price was trading at $3.05, up 95% with a market cap of $260 million. Additionally, transaction volumes increased by a staggering 3,500% to $343 million. Famous analyst Sell When Over | 9000.sei sheds light on several key factors that led to the recent price increase in API3. One of these is the extremely negative funding rate, which is in line with previous examples seen at UMA. According to the analyst, similar to UMA, the current negative funding rate has made it costly to hold long positions. Thus, it creates an incentive for buyers to push the price up.
In addition to the funding dynamics, DWF secured a market making loan of $1.5 million. It also gave further incentive to increase the price to profitable levels. Sell9000 points out that this loan from DWF comes with the option to purchase tokens within a certain price range, adding an additional element to the market dynamics. In terms of technical analysis, Great Mattsby highlights that API3 broke the previous resistance at $2.50 (white circle) and formed new resistance around $3.20 (yellow circle). This development facilitated a significant 45% increase in API3 price, marked by a significant daily candle.
Despite the positive momentum in the altcoin price, it is possible that there are challenges ahead. On the possibility of reaching $4 in the short term, Mattsby acknowledges the potential difficulty of breaking through the $3.20 resistance identified by the orange horizontal line. As API3 advances at these critical levels, the market expects further developments.
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