The US Consumer Price Index (CPI) report for July, expected to be released on August 12, is becoming the center of attention, as the cryptocurrency market has begun to show signs of 'positioning' ahead of this important economic event.
On-chain data reveals that cryptocurrency 'whales' are quietly yet strategically accumulating a range of potential altcoins. Prominent among them are Chainlink (LINK), Cardano (ADA), and the meme token PEPE – names that are strongly attracting capital flows from large investors.
Chainlink (LINK)
LINK – the native token of the leading oracle network Chainlink – is becoming the center of attention as 'whales' ramp up their purchases ahead of the US CPI index announcement.
Data from Nansen shows that the number of wallets holding over 1 million USD worth of LINK has increased by 11% in just seven days, reflecting a vigorous accumulation strategy from large investors.
This accumulation, combined with the returning bullish sentiment in the cryptocurrency market, has propelled the price of LINK to rise over 30% in a week, reinforcing confidence that the uptrend still has plenty of room to grow.
If the positive trend continues, LINK could very well advance to the 25.55 USD range. However, in the opposite scenario where demand weakens, the price could retreat to around 19.51 USD.
Cardano (ADA)
ADA – the Layer-1 (L1) foundational coin – is becoming the focus of large investors as the time for the US CPI report announcement approaches. Data from Santiment shows that in just the past week, 'whale' wallets holding between 100 million to 1 billion ADA have aggressively accumulated an additional total of 190 million ADA.
The aggressive buying by big players has ignited a bullish sentiment in the retail investor community, helping the price of ADA rise to a 14-day high, reaching 0.82 USD at the time of writing.
If this trend continues, ADA not only has the potential to break through the 0.84 USD threshold but could also challenge the important resistance area of 0.92 USD. Conversely, if buying pressure weakens, the price could adjust to around 0.76 USD.
PEPE
The meme coin PEPE, inspired by the image of a frog and issued on the Ethereum network, has become the center of attention for 'whales' over the past week.
During this time, the group of investors holding over 1 million USD worth of PEPE has increased their holdings by an additional 2%, raising the total amount of tokens they hold to 9.01 trillion.
Currently, PEPE is trading at 0.00001207 USD, recording a 17% increase over the past seven days. If the buying pressure from large investors continues, this meme coin has the potential to maintain its upward momentum along with the general market excitement.
In a positive scenario, PEPE could advance to the 0.00001315 USD mark. Conversely, if buying pressure weakens, the price may adjust to the region of 0.00001070 USD.
