ETH, MATIC and SOL are giving the green signal to investors, accompanied by increased network activity, new announcements and whale purchases.
Ethereum (ETH) draws attention with increased whale activity
On-chain tracker Lookonchain reported that whales, who took advantage of the last drop, started to buy ETH at the bottom price. Accordingly, a group of 4 whales has collected 94 million dollars worth of ETH since last week. The whales, who have accumulated 56.1 thousand ETH, seize new opportunities as the price drops to $ 1,580.
Whales are accumulating $ETH from the bottom!
4 whales accumulated 56.1K $ETH ($94M) in the past 7 days.
– 0x3CEE accumulated 18K $ETH($30M);
– 0x3478 accumulated 2K $ETH($3.4M);
– 0x5bA3 accumulated 17.9K $ETH($30M);
– smartestmoney.eth accumulated 18.2K $ETH($30.6M). pic.twitter.com/M93Mhkpn6p
— Lookonchain (@lookonchain) August 24, 2023
Meanwhile, Coinglass data shows that the amount of ETH locked on Binance has reached a 13-month low. Currently, there is only $1.41 billion locked in Ethereum transaction contracts on Binance. Commenting on the decline, Ian Solot, co-chairman of Marex Solutions, stated that there is no need to worry:
Don’t worry too much about the recent drop in Bitcoin and altcoins. The drop was due to the extraordinarily low liquidity and liquidation of leverage. Now is the time to continue.
Solana is pricing in this news as he evaluates ETH whale purchases
As Cryptokoin.com reported, e-commerce giant Shopify announced its collaboration with Solana Pay yesterday. Solana price gained some momentum after the announcement and climbed above the long-term resistance line. The price is currently recovering from the 0.618 Fibonacci retracement support of the last rally ($20.2). If successful, it is likely to test the $27 resistance area once again.
The weekly RSI is moving below the 50 and remains above the support line, signaling an uncertain trend. If the 0.618 Fib level is breached, SOL price could decline towards the previous resistance, which has now turned into the $15 support.
The daily chart shows that the SOL is trading in an ascending triangle pattern since the low of the year at $8. This is also a bullish pattern that leads to breakouts in most cases. However, SOL price showed a false break above the resistance of the triangle (red ellipse) from July 14-20. This is generally accepted as a bearish signal followed by significant price drops.
The most likely scenario at the moment, according to the analysis, suggests that SOL could drop further in the near future. The closest target is $17 and the lower target is $15. It is possible to see additional gains in terms of price with SOL, which is integrated into Shopify payments.
Litecoin breaks records
The Litecoin Foundation has announced that 46 million transactions have already been processed on the Litecoin network and 2023 will be a remarkable milestone. This success demonstrated the growing importance and adoption of Litecoin in the digital finance landscape.
Litecoin achieved its latest success by making the 175 millionth transaction, far surpassing previous records. To put this success in perspective, there were a total of 39 million transactions in the entire year 2022. This makes it clear that Litecoin’s usage and popularity momentum has reached new heights.
The #Litecoin network just processed its 175 millionth transaction! Last year there were a record total of 39 million in the whole year. So far we've seen 46 million transactions in 2023 another new record! pic.twitter.com/U3B7G0v6Wj
— Litecoin Foundation ⚡️ (@LTCFoundation) August 23, 2023
Meanwhile, IntoTheBlock has shed light on the increasing activity on the Litecoin network. In particular, the firm highlighted the impressive increase in daily active addresses for Litecoin. A new report reported an impressive number of 231,270 daily active addresses. This increase in address activity is a testament to the network’s growing vitality and user engagement.
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