Whales Attack! “These 2 Could Multiply Altcoin Prices”

Despite the crypto winter, loaded whale transactions are reversing course for 2 altcoins. Big investors are attacking two projects from the top 20, one of which is NFT-heavy.

Santiment expects 2x price increase for this altcoin

Santiment analysts reported that ADA is currently in the lowest position by value realized since the beginning of 2019. In particular, showing that a cryptocurrency is overvalued and undervalued, MVRV has reached an important milestone for ADA. Santiment analysts stress that this is “a sign of undervaluation based on average investor loss.” Now, ADA’s MVRV Z-Score has reached -1.35 for the first time in 45 months since January 2019. The last time it reached this level, the ADA price doubled in value over the next three months.

Meanwhile, Santiment analysts tweeted two days ago that ADA, XRP, Bitcoin and BNB continue to rise. This trend is due to the increase in social volume data of cryptocurrencies. The Santiment team analyzes multiple posts on Twitter and other social media platforms to measure social sentiment. Therefore, these metrics for ADA and XRP remain bullish despite the crypto winter.

Whales attack Cardano NFTs

Cardano is witnessing great activity, especially in NFT. Ape Society, a Cardano NFT project, reached a base price of 15,000 ADA in the last 24 hours. It also announced the first ADA transaction on the Citadoc platform. Another project, Cardano DEX AdaSwap, announced its mainnet launch on November 28. Also, AdaSwap is now migrating to the Aptos network.

Altcoin whales are accumulating LINK despite the decline

Chainlink, which has come to the fore with whale transactions recently, has been in the accumulation phase since May 2022. Data from Santiment shows that Chainlink whales have accumulated approximately 47.31 million LINK since March 2022. Its analytics platform revealed that investors holding between 10,000 and 1,000,000 LINKs have been accumulating altcoins continuously since May 2022.

The giant whales have added around 47.31 LINK to their portfolio in the last eight months. Big investors did not stop buying LINK during the bear market. Investors who currently hold between 10,000 and 1,000,000 LINK continue to accumulate despite the recent decline. Data from Santiment shows that the crypto community has supported the oracle token since its inception.

LINK trades at critical support level

Typically, accumulation by whales is a bullish trigger for the price of a crypto. On the technical side, LINK price is heading towards this level again after a momentary decline below the key $6.92 support level. Chainlink gained around 4% at one point during the day. Analysts predict that the uptrend will reverse once it breaks above the $6.92 level.

Forex trader Justin Bennett, for example, has identified several cryptocurrencies that are trading closer to their support levels. One of them was LINK:

Many crypto charts are currently sitting on critical support, LINK is one of them.

cryptocoin.com As you follow, LINK is currently trading at $6.85. We have covered the upcoming important dates for Chainlink in this article.