📣 On-chain Data Confirms Whales Preparing for Altcoin Surge with Increased Buy Orders
Ki Young Ju, CEO of analytic platform CryptoQuant, believes that whales are setting up for a forthcoming altcoin surge.
In a recent disclosure on X, Ju pointed out that the limit buy order volume for altcoins, excluding Bitcoin and Ethereum, is increasing. This pattern suggests the formation of substantial buy walls, highlighting significant purchasing pressure from large-scale investors.
Ju’s chart identifies two major phases in the limit order volume for altcoins: the Limit Sell Phase and the Limit Buy Phase. The Limit Sell Phase saw a notable rise in cumulative sell orders back in 2022, demonstrating robust selling pressure from whales and other market players. This phase coincided with a period of altcoin price dump due to unfavorable market conditions.
Following this, the Limit Buy Phase began, marked by a significant increase in cumulative buy orders. This indicates a strategic accumulation period where whales establish substantial buy walls.
🔸 Buy Pressure on Specific Altcoins
Ju also provided a heatmap of the normalized 1-year cumulative buy/sell volume difference for various altcoins, showing buying and selling pressure over time. Solana (SOL) exhibited alternating strong buying and selling phases, with recent activity showing increased buying interest. Cosmos (ATOM) and Polygon (MATIC) also displayed heightened buying pressure despite mixed activity trends.
Cardano (ADA) and PancakeSwap (CAKE) showed balanced buy and sell phases, with recent trends proving increased buying pressure. Coins like AMP and ANKR also demonstrated a rise in buy activity. The heatmap reveals that most altcoins are seeing increased buying pressure as whales and significant investors accumulate altcoins in anticipation of a rally.
Meanwhile, the coins experiencing selling pressure, as indicated by predominantly red areas on the heatmap, include DOGE, DASH, AXS, XRP, COMP, and AAVE, BNT.
