Whale Wallets Eye ADA, LINK, MORPHO After Powell's Speech
While the crypto market saw a general upswing with Bitcoin, Ethereum, and XRP all posting gains, crypto whales are making calculated moves, focusing on assets with the most promising risk-reward profiles. On-chain data reveals three altcoins attracting significant whale attention after Powell's Jackson Hole speech.
Cardano (ADA)
Cardano (ADA) is gaining traction among large crypto holders amidst growing anticipation of potential September rate cuts. While Ethereum experienced a more aggressive rally, ADA's steady climb suggests further upside potential.
Recent on-chain data highlights increased whale activity:
- Wallets holding 10 million to 100 million ADA increased their balances from 12.97 billion to 13.08 billion ADA within 24 hours.
- This represents an addition of 110 million ADA, valued at approximately $102 million at a price of $0.93.
- Mega whales, with holdings exceeding 1 billion ADA, previously increased their positions earlier in August from 1.82 billion to 1.88 billion ADA, an equivalent of $55.8 million.
ADA is currently trading near $0.93, marking an 8% increase in the last 24 hours. Key resistance levels to watch are $0.94 and $0.97. A break above these levels could pave the way to the $1 psychological mark, with limited resistance until $1.23. However, a drop below $0.82 could negate the bullish outlook.
Chainlink (LINK)
Chainlink (LINK) is also seeing substantial whale activity, supported by retail investor participation. In the last 24 hours, whales added approximately 64,674 LINK (almost $1.69 million) to their holdings, bringing their total to 5.64 million LINK.
Exchange balances have declined by 0.6%, signaling retail accumulation alongside whale activity. Smart money and top addresses have also increased their positions. Total balances dropped by 1.59 million LINK, or roughly $41.6 million.
LINK has surged almost 70% in the past three months. It is currently testing the 0.618 Fibonacci retracement level at $26.76. A break above this level could drive LINK towards $30, with whales potentially targeting $35.52. The bull-bear power indicator has been green for 17 consecutive sessions, suggesting strong bullish momentum.
Morpho (MORPHO)
Morpho (MORPHO), a DeFi protocol, is also attracting considerable whale interest.
In the past 24 hours:
- Whale wallets increased their holdings by 1.32%, bringing their total to 3.74 million MORPHO, valued at approximately $9.9 million at a price of $2.64.
- Exchange reserves fell by 1.35% (currently at 21.32 million MORPHO), indicating retail buying.
Morpho has outperformed the broader market, with a 9.4% daily increase and nearly 77% growth over the past three months. Having broken above resistance at $2.63, it is now targeting $3.09. Further upside towards $3.80 is possible with sustained momentum. Longer-term Fibonacci extensions point towards $4.57, potentially marking a new all-time high. A drop below $2.18 would invalidate the bullish setup.
As Powell indicates potential rate cuts, and DeFi poised to capitalize on greater liquidity, whales are positioning Morpho as a leading altcoin to monitor. Codeum offers smart contract audit services for DeFi protocols like Morpho, enhancing their security and reliability.