Altcoin ‘Whale Activity’ Rises As Bitcoin Holds $28,000

Paigambar Mohan Raj
Source: IT PRO

According to cryptocurrency analysis firm Santiment, whale activity for altcoins has risen recently. Numerous altcoins have seen transactions that are among the biggest of the year for the respective networks.

According to Santiment, Polygon (MATIC) and (FET) had transactions over $40 million. The tweet also stated that following the hosting of several significant whale moves, traders and investors should pay attention to Decentraland (MANA), DIA, Immutable (IMX), and The Sandbox (SAND).

Polygon (MATIC) has gained 2.5% in the last 24 hours. Moreover, in the 4-hour chart, the cryptocurrency faces resistance at $1.1478, with support at $1.0898. If the current resistance breaks, MATIC could face another resistance level at around $1.2407.

Source: MATIC/USDT Chart by Trading View

SAND, the metaverse cryptocurrency project, has risen 1% in the last 24 hours but a whopping 10.4% in the seven-day chart. SAND currently faces resistance at $0.6676 in the 4-hour chart, with support at $0.6208. If SAND breaks current resistance levels, it could find fresh resistance at $0.7300.

Source: SAND/USDT Chart by Trading View

Decentraland (MANA) has risen 2.2% in the last 24 hours and by 17.6% in the 14-day chart. In the 4-hour chart, MANA faces resistance at $0.6200, with support at $0.5700. The cryptocurrency may face fresh resistance at $0.6380 if current levels are breached.

Source: MANA/USDT Chart by Trading View

What about the original altcoin cryptocurrency, Ethereum (ETH)?

Ethereum (ETH) has made the most significant gains among the top 10 cryptocurrency projects in the daily charts. ETH has rallied by 3.4% in the last 24 hours, and by 8.5% in the last seven days.

Ethereum (ETH) currently faces resistance at $1820.25, with support at $1743.12. The original altcoin is currently trading at levels last seen in August 2022.

Source: ETH/USDT Chart by Trading View

Although altcoins are witnessing increased activity, it might not be altcoin season just yet. The market rally is still led by Bitcoin (BTC), the original cryptocurrency. BTC has gained 12.7% in the last seven days. At press time, the global cryptocurrency market cap stood at $1.23 Trillion, up by 1.9% in the 24 hours.