Whale activity in these altcoins is increasing — are they preparing for a super altcoin season?

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The latest market dynamics indicate that they are not only focused on what has happened but also on what might happen. The recent 25 basis point rate cut and the Federal Reserve's outlook for 2025 have hurt Bitcoin prices and other altcoins in the market. Since the BTC price broke through the consolidation zone around $102,000 and hit an all-time high, whales have been increasing their holdings while intensifying their activity.

In the past few days, shortly after the BTC price broke through that zone, whales bought two tokens: Polygon and Ethena. According to data from Santiment, whales accumulated over 36.65 million Ethena and over 40 million Arbitrum in the past week. These accumulations were recorded by wallets holding between 1,000,000 and 10,000,000 ARB or ENA tokens. Meanwhile, ENA's price has been consistently rising, while ARB's price continues to plummet.

After a recent reversal in ENA's price, bulls have failed to hold the support level. However, as sell-offs continue to accumulate, they are struggling to prevent the price from falling below the support area between $0.83 and $0.79. Additionally, the MACD confirms an increase in buying pressure, while the super trend has turned bearish, indicating that a drop below this level may be imminent.

Besides that, whale activity on other platforms has also increased, but unfortunately, they have sold their holdings instead of buying. Polygon (POL) experienced massive sell-offs, primarily driven by whales holding between 10 million and 100 million, who sold over 80 million POL in the past 48 hours. There are concerns that this will drive MATIC prices down in the short term; otherwise, a significant trend may emerge if POL prices rise.

The current trading setup for POL indicates that prices are very likely to drop another 15% before the end of the year. The price is testing the neckline of a head and shoulders pattern, and a drop below here could lead to a continuation of the downtrend to below $0.45.

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