On-chain analytics firm Santiment pointed out the massive accumulation of whales in 2 popular altcoin projects. According to analysts, this demand from giant wallets may signal the beginning of an uptrend.
Altcoin whales move as ETH price approaches $3,000
Leading smart contract platform Ethereum (ETH) made a strong upward move, increasing its weekly gains by 15% and approaching $3,000. Simultaneously, the whales have become active again for the first time in three weeks. Analysts from on-chain data provider Santiment reveal interesting statistics about this backlog in a recent report:
Ethereum has risen above $2,900 for the first time since March 2, and whale transactions are skyrocketing. Yesterday was the first day that more than $7,000 was traded on the ETH network since the news of the war broke out.
With the recent price increase, Ethereum (ETH) managed to break above the resistance trendline for the first time this year. Therefore, any pressure above $3,000 with strong volumes could help break the psychological barrier and analysts predict the uptrend could continue.
Additionally, data from IntoTheBlock shows strong bullish price action In anticipation of this, it shows that there are large ETH outflows from exchanges this week. As reported by Kriptokoin.com, on Friday, March 18, the stock markets recorded the biggest single-day outflow for 2022 with a surprising 180 thousand. The last time such outflows were recorded, ETH registered a 15% increase over the next ten days.
AAVE V3 protocol woke the whales
DeFi protocol Aave’s native cryptocurrency, AAVE, has gained a strong 30% in the last two days. AAVE price gained momentum after Aave announced the launch of V3 Protocol on Wednesday, March 16. The price increase also appears against the background of strong whale accumulation. Santiment notes that one of the key factors behind the AAVE price rally was the fact that “significant whales have collectively accumulated $10.7 million worth of $70,000 in AAVE over the past 2 months.”
Meanwhile, AAVE price is still trading 50% below ATH on the quarterly chart.
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