A decisive breakout of Bitcoin above the psychological barrier of $95,000 has restored bullish momentum in the crypto market. As market sentiment becomes increasingly positive, crypto whales are buying several outstanding altcoins this week.
Among the top picks are Avalanche (AVAX), Ethereum (ETH), and the meme coin Pepe (PEPE), all of which have experienced significant inflows from whales this week.
Avalanche (AVAX)
The level-1 (L1) token AVAX has attracted heightened attention from whales this week, as reflected in the increase in net flow from large holders. According to IntoTheBlock, this metric has risen by over 380% in the last seven days. A large holder is a wallet address that holds more than 0.1% of the circulating supply of the asset. Net flow from large holders tracks the activity of these investors regarding buying and selling.
When it rises, crypto whales buy more tokens. This bullish signal often prompts retail investors to increase their holdings.
If the accumulation trend of AVAX continues, its price could break resistance at $24.28 and rise to $30.23. Conversely, if demand decreases, AVAX could fall to $14.66.
Ethereum (ETH)
Amid the recent overall market growth, ETH recorded a moderate price increase of 3% over the last seven days, supported by stable whale accumulation.
According to Santiment, during this period, whale addresses holding between 10,000 and 100,000 tokens purchased 280,000 ETH worth over $510 million at current market prices. At the time of writing, this group of ETH whales controls 25.24 million ETH, which is their largest holding in the last month. The price of ETH could rise above the psychological mark of $2,000 if whale accumulation continues. However, if bears regain dominance, they may lower the token price to $1,733.
Pepe (PEPE)
The popular meme coin PEPE is another asset that has seen an increase in accumulation by crypto whales this week. According to Santiment, wallet addresses holding between 100,000 and 1 million tokens purchased 350 million PEPE in the last seven days. At the time of publication, the meme coin is trading at $0.0000086. If whale accumulation continues, PEPE may reverse its current downward trend and break resistance at $0.0000010. On the other hand, if sell-offs continue, the token price may drop to $0.0000052.