Network data reflects a surge in large transactions of cryptocurrencies such as AAVE, ADA, and OP, signaling accumulation by large investors, noted the company Santiment.
Accordingly, if market conditions remain favorable, the actions of crypto whales may trigger a rally in these altcoins.
Santiment tracked a significant increase in whale transactions over $100,000 for the following altcoins:
Aave (AAVE) [Polygon]: +267%
#HEX (HEX): +256%
#OKB (OKB): +200%
#Cardano (ADA): +193%
#Optimism (OP): +140%
#Trillioner (TLC): +133%
Bitcoin Cash (BCH): +128%
Curve Finance (CRV): +100%
BitDAO (BIT): +100%
GateToken (GT): +100%
Despite the increase in whale activity, overall market indicators remain neutral. CryptoQuant CEO Ki Yong Joo pointed to a 'zero-sum PvP game' in the altcoin markets, emphasizing that the total capitalization of this market remains below the previous all-time high.
Joo noted that without an influx of new capital, funds are flowing from one altcoin to another.
The top manager believes that only a few altcoins with real use cases will survive the current cycle. Network activity remains subdued, and key indicators are neutral, indicating consolidation.
As for the market capitalization of altcoins (excluding Bitcoin and Ethereum), it is currently $825.83 billion, which is slightly below the 20-day EMA of $852 billion, an area of strong resistance.
The Relative Strength Index (RSI) shows a value of 40.28, which means that altcoins are approaching the oversold zone. If the RSI rises above 50, it may confirm a shift in momentum upwards.
