Key Takeaways
- ONDO leads the list, with over 27.8 million tokens accumulated, tied to expectations around the project’s tokenization talks with the SEC.
- Polygon whales acquired 50 million tokens this week, pushing the price up nearly 30%, despite no major development announcements.
- Chainlink saw a spike in large transactions, rising from 150 to 211 in just a few days, alongside a price jump from $12.50 to $15.
In recent weeks, the crypto market has regained stability, and during this recovery, crypto whales have been strategically accumulating select altcoins.
Historically, when whales buy large volumes of specific cryptos, price increases are triggered. But this only happens as long as selling pressure doesn’t take over.
As the first month of the second quarter draws to a close and May approaches, the question remains: which altcoins are whales purchasing?
In this analysis, CCN looks at the top three altcoins that are catching the attention of whales. This piece also examines what could be next for their prices.
Ondo (ONDO)
ONDO, ranked as the 31st most valuable cryptocurrency in terms of market cap, tops the list of altcoins that crypto whales are accumulating.
According to IntoTheBlock, the large holders’ netflow for the altcoin was -2 million on Wednesday, April 23. This metric measures the difference between the number of tokens whales are buying and selling.
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A positive netflow indicates that whales are purchasing more tokens. A negative value, on the other hand, signals rising selling pressure from these key stakeholders. As of this writing, ONDO’s large holders’ netflow has surged to 27.8 million.
At the current price, this suggests that crypto whales have accumulated tokens worth over $25 million within the last three days. Based on CCN’s findings, it seems that whales are buying the altcoin due to the anticipated positive outcome from Ondo Finance’s tokenization meeting with the U.S. SEC.
Reflecting this growing optimism, ONDO’s price has surged to $1, invalidating the bearish bias that had previously surrounded the token.
Thus, if crypto whales continue to add buying pressure to the cryptocurrency, ONDO’s price might inch closer to $2 in May.
However, if the SEC rejects the project’s proposal to tokenize some of the U.S. financial assets, this might not be the case. In that scenario, ONDO’s market value might experience a notable correction.
Polygon (POL)
Second on the list of altcoins that crypto whales are accumulating is POL. The altcoin, previously known as MATIC, has seen its price increase by nearly 30% in the last seven days.
According to Santiment data, the recent upswing in POL’s price was driven by increased whale accumulation. On April 20, addresses holding over 1 billion tokens collectively owned 7.50 billion POL.
As of today, that number has jumped to 7.55 billion, signaling that whales bought 50 million tokens this week alone. At the current price, that is an investment worth over $12 million.
Despite no major upcoming developments from the Polygon team, the surge suggests that whales believe POL may have bottomed out.
If this accumulation trend continues, the token could edge closer to $0.50 by next month. However, if buying pressure fades, the price may enter a period of consolidation or even face a pullback.
Chainlink (LINK)
Lastly, crypto whales have also been involved in buying Chainlink (LINK) in anticipation of a more bullish quarter. Based on IntoTheBlock’s data, this is evident in the number of large transactions on the network.
At the start of the week, there were just 150 large transactions involving Chainlink (LINK). That number has now jumped to 211, signaling heightened whale activity.
Over the same period, LINK’s price climbed from $12.50 to $15, indicating the impact of increased demand. If this buying trend continues, LINK’s market value could push even higher.
However, traders should remain cautious. A slowdown in whale accumulation could trigger a pullback, putting recent gains at risk.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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