Coin Edition -
- Santiment analyst identified four altcoins that are experiencing major whale activities.
- Altcoins identified can be profitable targets for traders in March 2023.
- ADA, HEX, USDP, and SAND experience increased whale activities.
Santiment’s crypto analysts, famously known as ‘BrianQ,’ have identified four altcoins currently experiencing significant whale activities. The analyst believes the altcoins are potential targets for traders who want to profit from the crypto market in March 2023.
Santiment is a behavior analytics platform for cryptocurrencies. It explores the on-chain and social activities of crypto users, providing information used to predict market outcomes. Users know Santiment for providing information about the activities of large investors, also called whales.
The four altcoins in BrianQ’s recent analysis include Cardano (ADA), Hex (HEX), Paxos Standard (USDP), and Sandbox (SAND).
In the Santiment report shared by BrianQ, the whale transaction count for Cardano on February 20, 2023, was 539. That is a significant count by many standards and reflects the growing interest of big inventors in the project’s token, ADA.
The February 20 whale count is not an isolated development. BrianQ noted that it is consistent with a pattern that has developed for almost the entire month. He predicts that such an influx from whales will have a bullish impact on the price of ADA in the coming days.
The Ethereum-based certificate of deposit, Hex, attracted a whale count of 112 on February 20, 2023. That is the token’s second-highest whale count in February 2023. BrianQ forecasts the likelihood of a mid-sized correction, similar to what happened after February 9, when it registered its highest whale count for the month. He believes that the crypto market is setting up for an eventful end to Q1, 2023.
Paxos Standard recorded 57 whale transaction counts on February 20, climbing almost twice the counts of the preceding days. According to BrianQ, the recent spike is an aftermath of the SEC’s lawsuit that determined the BUSD stablecoin is an unregistered security. He expects assets revolving around USDP to fluctuate in price as stories develop around the stablecoin.
The 78 whale transactions recorded by Sandbox were its third-highest count in the last three months. BrianQ believes that the spike that accompanied a rapid rise in the altcoin’s price increases the probability of a short-term correction. Hence, users can expect a buying opportunity and increased volatility soon.
The analysts called on traders to pay attention to whale activities in the market. He predicts that prices are more likely to do a 180 from their current direction, depending on the prominence of whale activity spikes.
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