Crypto analytics firm Santiment says that a huge whale transaction of Decentraland (MANA) could signal a big price swing for the Ethereum-based metaverse project.
Santiment says a whale suddenly moved 256.31 million MANA worth about $190.2 million, one of the largest transactions the network has ever seen.
A transaction of this size, Santiment says, generally foreshadows a significant price move.
“Decentraland had one of its largest transactions of all time on its network today, with 256.31 million MANA moved out of a known whale address.
This move was worth $190.2 million. Typically, these massive transactions foreshadow price swings in a new direction.”
MANA is trading for $0.70 at time of writing.
Santiment also says the largest Chainlink (LINK) transaction in eight months just occurred with a whale moving $106 million worth of LINK.
The whale transaction came just before LINK reached its highest price since the FTX collapse, $8.34. LINK has retraced to $7.70 at time of writing.
“Chainlink’s largest transaction in eight months occurred 12 hours ago. $106 million in LINK moved to a new whale address, the largest move since June. This transfer was four hours before the price topped out at $8.34, the highest since the FTX collapse.”
Santiment says that overall the crypto markets are looking healthy with some projects making 20% gains in their market caps in the past week alone as Bitcoin (BTC) threatens to take out the big psychological price level of $25,000.
“The crypto markets continue showing impressive returns, with a large handful of projects that have added back 20% or more to their market caps in the past week. Bitcoin continues to tease the $25,000 range, allowing altcoins to continue pumping right and left.”
Bitcoin is trading for $24,456 at time of writing.
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Source: https://dailyhodl.com/2023/02/21/massive-whale-transaction-foreshadows-big-price-action-coming-for-ethereum-based-metaverse-altcoin-santiment/