The post Whale Activity Increases Among These Altcoins—Are They Preparing for a Mega-Altseason? appeared first on Coinpedia Fintech News
The latest market dynamics suggest they are about more than just what happened but rather about what might happen. The latest 25 bps cut and the Fed’s outlook for 2025 hurt the Bitcoin price and the other altcoins within the market. Ever since the BTC price rose above the consolidation around $102K towards the ATH, whales intensified their activity while raising their holdings.
In the last few days, whales were seen buying two tokens, Polygon and Ethena, soon after the BTC price breached above the zone. According to the data from Santiment, the whales have accumulated over 36.65 million Ethena and over 40 million Arbitrum over the past week. These accumulations were recorded by the wallets holding between 1,000,000 to 10,000,000 ARB or ENA tokens. In the meantime, the price of ENA has maintained a consistent upswing, while the ARB price continues to plunge.
After the latest reversal in the price of ENA, the bulls have been constantly failing to defend the support levels. However, they are trying hard to prevent the price from breaking below the support zone between $0.83 and $0.79 as the sell-offs continue to accumulate. Besides, the MACD validates a rise in the buying pressure while the supertrend has turned bearish, indicating a breach below the levels could be imminent.
Apart from these, whale activity over other platforms also rose, but unfortunately, they sold their holdings instead of buying. Polygon (POL) has witnessed a massive sell-off, mainly led by the whales holding between 10M and 100M, which have sold over 80 million POL in the last 48 hours. This is feared to push the MATIC price into a short-term dip or else a major trend could be expected for the POL price rally.
The current trade setup of POL suggests the price is in extreme danger of losing another 15% before the end of the year. The price is testing the neckline of the head & shoulder pattern and a breakdown from here may lead to an extended bearish action below $0.45. Meanwhile, the RSI has turned bearish with the base & conversion line of Ichimoku clouds undergoing a bearish crossover, validating the bearish claim. However, if the price manages to sustain within the zone between $0.49 and $0.51, the bearish narrative could be squashed for a while.
