Whales Are Accumulating These 2 Altcoins This Week

Key Takeaways

• AAVE and the Onyxcoin utility token are two altcoins that whales are purchasing this week.
• These stakeholders have accumulated AAVE worth $270 million within the last three days.
• Data shows that addresses holding between 100 million and 1 billion XCN have increased their balance.

This week started on a sour note for the crypto market as many altcoins saw their prices crash.

However, as the prices of these cryptos fell, whales strategically accumulated significant amounts of some, likely positioning themselves for potential uptrends.

In this analysis, CCN reveals two of the top altcoins that whales are buying.

But the question is: why are these altcoins attracting such heavy attention now? Could it be a sign of an impending rally, or is there more to the story?

Aave (AAVE)

Topping the list of altcoins that whales are accumulating this week is AAVE, the native token of the decentralized lending and borrowing protocol.

According to IntoTheBlock, the inflow of AAVE large holders on Feb. 1 was less than $115,000. This inflow is the number of tokens accumulated by 0.1% to 1% of the total circulating supply.

When this metric increases, whales are accumulating. But when it decreases, whales are distributing.

As of this writing, the large holder’s inflow has skyrocketed to 1.03 million AAVE. At the altcoin’s current price, whales purchased AAVE valued at approximately $270 million.

On Monday, Feb. 3, AAVE’s price dropped to $230.35. Today, trading is higher than that.

According to the 4-hour chart, AAVE bounced off the lows due to the rise in accumulation, as indicated by the Chaikin Money Flow (CMF).

During the downtrend, the CMF reading dropped to -0.22. As of this writing, the rating has risen to 0.15, indicating a rise in buying pressure.

Should whales continue accumulating AAVE, the altcoin’s price might rise to $308.77 at the 0.382 Fibonacci level.

If the broader market condition continues to improve, this could be higher, and the altcoin could hit 335.46.

However, this trend might change if AAVE experiences a rise in selling pressure, especially from large investors. In that scenario, the token’s value might drop to $195.79.

Onyxcoin (XCN)

XCN is another altcoin that whales are accumulating this week. Over the last 30 days, the Onyxcoin utility token has increased by nearly 1,500%.

According to Santiment, whales were instrumental in this hike. For instance, the number of addresses holding between 100 million and 1 billion XCN has significantly increased, and it still appears to be the same this week.

If sustained, then the XCN price might rally higher than $0.031.

The rise in this large accumulation could also be linked to the launch of Onyxcoin’s layer-3 network.

“Onyx is thrilled to announce our new Layer 3 Blockchain, the XCN ledger, designed for financial-grade applications while offering near-instant confirmations and low fees.” The project disclosed in a blog post on Feb. 4.

From a technical perspective, XCN’s price experienced this rally because of the formation of a golden cross. For those unfamiliar, a golden cross appears when a shorter-period Exponential Moving Average (EMA) rises above the longer period.

When this crossover occurs, it indicates a bullish trend. On the daily chart, the 20 EMA (blue) has remained above the 50 EMA (yellow). If this trend continues, XCN’s price might rally to $0.039.

If whales continue to accumulate the altcoin, the value could rise as high as $0.050.

On the flip side, if the altcoin’s price drops below the 0.50 Fibonacci level at $0.026, then this forecast might not come to pass.

Instead, XCN’s price might drop to $0.020.