Last week, the sudden collapse of the market on August 17 had a negative impact on investor confidence. However, with the global altcoin market cap falling 11%, crypto whales are likely buying these 3 altcoins for their October gains.
It is possible for this altcoin project to rise in the charts
Maker (MKR) is the management token of MakerDAO, a DeFI protocol that issues and manages the DAI hybrid-stablecoin. The altcoin has attracted significant whale demand over the past two weeks, thanks to the landmark DAI savings rate being raised to 8%. On-chain data shows that crypto whales with balances of 100,000 to 10 million MKR added 16,000 tokens to their wallet balances between August 13 and August 21.
Wallet Balances of MRK Whales. Source: SantimentAt the current market cap of $1,009, the newly acquired 16,000 MKR tokens are worth $16.14 million. According to analyst Ibrahim Ajibade, if the recent bearish trend subsides, it is possible for MKR to post significant gains in October.
UNI whales hold hope of recovery
cryptocoin.com As you follow, Uniswap (UNI) price hit a 4-month high on August 2nd. However, the altcoin price has dropped 30% since then. However, despite the double-digit price correction triggered by the August 17 crash, the whales continued to buy. So much so that UNI whale transactions increased by more than 420% between 13 August and 21 August.
Uniswap (UNI) Whales Transactions (>$100k). Source: SantimentLarge Transactions tracks the daily number of confirmed transactions exceeding $100,000. Accordingly, it evaluates the changes in the trading activities of whale investors. According to the analyst, if the whales continue on this trajectory, it is possible for them to make significant gains in October. The analyst explains the altcoin price prediction as follows.
UNI price forecast: further consolidation before breakout
Money In/Out Around Price data shows the purchase price distribution of current investors in the Uniswap network. It confirms that the UNI price may react to the drop in user acquisition rate with a slight drop towards $4. However, as you can see in the chart below, 2,220 addresses have purchased 3.53 million UNIs at a minimum price of $4.53. They can offer substantial support by making desperate attempts to close their positions. However, if these efforts fail, it is possible for the altcoin price to drop further towards $4.
Uniswap (UNI) Price Forecast | IOMAP data. Source: IntoTheBlockHowever, Uniswap whales are likely to react to the buying pressure with a rebound above $7. However, the 9,940 addresses that bought 32 million UNIs at the maximum price of $5.40 will form significant resistance. However, if it breaks this resistance, it is possible for the altcoin price to rise to $7.
Green signals are coming for this altcoin!
Rising on the wave of Worldcoin (WLD), Optimism (OP) caught significant network activity in August 2023. In fact, the August 17 crash didn’t deter whale investors from hoarding OP bags. The Santiment chart below shows that after the initial scare on August 17, whales holding 100,000 to 1 million OP tokens have started buying again. Between August 17 and August 22, the whales replenished their wallet balances with an additional 3.22 million OPs.
Optimism (OP) Whales Wallet Balances. Source: SantimentThe altcoin price is currently hovering around $1.55. The 3.22 million coins collected by the whales in the last 5 days are worth $4.5 million. Such massive demand for whales in days means institutional investors on the Optimism network remain positive about their October earnings.
