The crypto market experienced a turbulent start this week, with many altcoins facing price declines. Amidst this volatility, whales have strategically accumulated significant amounts of select altcoins, positioning themselves for potential upward trends. Here, we analyze two top altcoins attracting heavy whale activity: Aave (AAVE) and Onyxcoin (XCN).
Aave (AAVE)
AAVE, the native token of the decentralized lending platform Aave, leads the list of altcoins whales are accumulating. Data from IntoTheBlock reveals a staggering increase in large holder inflows:
- Feb 1: Inflows < $115,000
- Current: 1.03M AAVE (~$270M) accumulated
This surge suggests strong whale confidence in AAVE’s potential. After dropping to $230.35 on February 3, AAVE’s price rebounded, supported by:
- Chaikin Money Flow (CMF): Rising from -0.22 to 0.15, indicating increased buying pressure.
- Fibonacci Levels: Potential upside targets at $308.77 (0.382 level) or $335.46 if market conditions improve.
👉 Track AAVE’s latest price movements
Key Risk: A spike in selling pressure could push AAVE down to $195.79.
Onyxcoin (XCN)
XCN, the utility token for Onyxcoin, has surged nearly 1,500% over 30 days, fueled by whale accumulation. Santiment data highlights:
- Addresses holding 100M–1B XCN have grown significantly.
- Layer-3 network launch: The XCN Ledger aims to support financial-grade applications with low fees and fast transactions.
Technical Outlook:
- Golden Cross: 20 EMA > 50 EMA on the daily chart, signaling bullish momentum.
- Price Targets: $0.039 (current trajectory) or up to $0.050 with sustained accumulation.
👉 Explore Onyxcoin’s ecosystem
Key Risk: A drop below $0.026 (0.50 Fibonacci level) may invalidate the bullish outlook, potentially driving XCN to $0.020.
FAQ
Q1: Why are whales accumulating AAVE and XCN now?
A: Both tokens offer unique utility (AAVE in DeFi lending, XCN in financial-grade blockchain solutions), and recent price dips present buying opportunities.
Q2: Could these altcoins rally further?
A: Yes, if whale accumulation continues and broader market conditions improve. Technical indicators like CMF and EMA crossovers support bullish scenarios.
Q3: What risks should investors consider?
A: Market volatility, sudden sell-offs, or failure to hold key support levels could reverse gains.
Final Notes
Whale activity often signals market sentiment shifts. While AAVE and XCN show promise, always conduct independent research and assess risk tolerance before investing.
👉 Stay updated on crypto trends
Disclaimer: This content is for informational purposes only and not financial advice. Cryptocurrency investments are volatile and risky. Consult a financial advisor before making decisions.
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