Altcoin projects are on the rise in the new day after a long-term sideways movement. Current data shows that whales are in accumulation mode ahead of important upcoming news.
Altcoin whales chase Cardano
According to the latest report from IntoTheBlock, increased whale activity on the Cardano network is noteworthy. The report, which examines the activity on the network together with the data, emphasized that whales have increased their accumulation recently.
Accordingly, in the last 30 days, there has been an increase of 1,500% in the entries to these wallets. In addition to large whale transactions, the transactions of small investors on the network are at the peak of the last 3 months. The broad group of investors trading in the $10-100 range represents 28% of the total transactions.
Despite all the activity on the network, most of the ADA investors are waiting at a loss. According to IntoTheBlock, only 22.2% of all traders are in profitable positions at current values. 73.2% of them continue to be in loss.
On-chain metrics paint bullish picture for LTC price
According to Santiment’s predictions, the LTC20 halving event will coincide with August 10. 80 days into the halving, the Litecoin network recorded a significant increase in on-chain activity. According to Santiment, the halving event is scheduled to take place at block 2,140,000. On this date, the mining reward will decrease from 12.5 LTC to 6.25.
Halving events are often regarded as ascension catalysts. Ahead of the event, three metrics hint at a possible rally for LTC:
- Social volume or number of mentions of Litecoin on social media platforms.
- Transaction volume or value carried on the Litecoin network.
- Whale activity or transaction count of large wallet traders.
Increasing social volume
Based on Santiment’s data, the discussion about the LTC20 is growing. Thus pushing Litecoin into a “crowd discovery” phase where investors are showing increased interest.
On-chain transaction volume is growing steadily
As crowd participation and interest among investors increased, the value carried on the Litecoin network increased. Since May 8, there has been a steady increase in Litecoin’s trading volume.
According to Brian Quinlivan, Santiment’s director of marketing and on-chain expert, if transaction volume continues to increase, it will be a sign of growing interest from large wallet investors or “big players” in the ecosystem.
Increase in network activity and unique addresses
The volume of unique addresses interacting on the Litecoin network has skyrocketed recently, reaching a one-year peak in the second week of May. While the LTC price bottomed out, addresses were buying the altcoin at a discount before the halving event.
The number of active addresses has dwindled over the past week, but experts expect a rebound as the LTC20 halving nears.
Altcoin whales target $100 in LTC price
Quinlivan says the bullish metrics on Blockchain and the increased anticipation surrounding the upcoming halving event likely mean that average trade returns in the short to medium term could cool before a rebound.
In the two months after the halving event, around mid-June, Quinlivan expects an uptick in investors’ expectations for LTC, arguing that whales could push the price towards a bullish target of $100 before a final drop or correction in price.
