Crypto whales loaded Litecoin, Polygon, and Avalanche in the second week of August, LTC reacted bullishly to it otherwise MATIC and AVAX remained down.
Looking at the whale’s choices over the week wherein last week was for XRP, ONDO, and ADA, Coinpedia markets analysis plots market recovery signals.
Litecoin (LTC)
LTC in the second week experienced increased whale accumulations. A Spike was registered in Whale holders with more than 1% of the circulation supply.
The chart shows increasing whale buying activity, indicating confidence in the future growth of LTC.
Also looking at the on-chain metric, the Concentration by large holders ( Whale with more than 1% and investors with 0.1% to 1% holding) stands at 48%. This is an impressive number for any asset to possess long-term growth, conversely, it is also a red point, in the bear market.
Litecoin has moved 10.18% in the last 7 days and is trading at $67.34. If the whale accumulation continues, LTC is expected to grow more upward.
Polygon (MATIC)
Polygon’s performance in 2024 and before is in a downtrend. As seen today, Staking for MATIC has dropped to 35% and the price is 26.5% down in a month.
Despite the negative fundamentals and technicals, MATIC is in the bucket of crypto whales.
As seen on Santiment, Polygon;s addresses of 100,000 to 1 million tokens increased, and the number of addresses holding between 10 million to 100 million.
This is anticipated that the whales are bullish over the upcoming migration of MATIC to POL which is scheduled to be on September 4 2024.
At the time of writing MATIC is $0.404 with 1.25% in 1 day. Despite all this, the asset price stays unimpacted
Avalanche (AVAX)
AVAX enters the whale accumulation after a long-term, impressive 35% increase was seen in the AVAX’s Large Holders Netflow.
But the price of AVAX in the last 7 days is down by 6.28%, this is possible due to the upcoming token unlock coming on 19th August. This will notably increase the circulating supply, impacting the price surge.
AVAX needs more whale accumulations and a boost in social media sentiment to make a reversal into an upward trend.
Source: https://coinpedia.org/price-analysis/top-altcoin-picks-by-whales-in-the-secong-week-of-august-2024/