- Cardano, HEX and Sandbox have witnessed an increase in whale activity on their networks and this historically implies a future price move in the assets.
- A huge spike in whale activity indicates major interest from large wallet investors and analysts expect a correction in altcoin prices in the short-term.
- ADA, HEX and SAND prices are more likely to do a 180 from their current price direction based on how prominent the whale activity spikes are.
Large wallet investors on Cardano, HEX and the Sandbox increased their activity recently. Experts believe this could trigger a trend reversal in the altcoins, in the short-term.
Cardano, HEX and Sandbox witness increased whale activity
Cardano, HEX and Sandbox rank among altcoins that have witnessed a spike in activity by large wallet investors. Since the beginning of 2023, there has been a spike in volatility in crypto prices. Key stakeholders in the crypto market have displayed more excitement than usual.
According to analysts at Santiment, volatility is an ideal time to make key moves to yield above average returns in cryptocurrencies. Cardano (ADA), HEX and the Sandbox (SAND) are seeing significantly high levels of whale moves. There is a huge spike in interest from whales in Ethereum-killer Cardano.
Cardano whale activity
On February 20, HEX witnessed the highest level of whale transactions since February 9. This coincided with a mid-sized correction in the altcoin and experts believe history could repeat itself in the short-term.
HEX whale transactions
Metaverse token Sandbox witnessed the third-largest spike in three months alongside increase in prices. SAND yielded 16% gains for holders in the past week, and the rising whale activity increases the probability of a short-term correction in the metaverse token.
SAND whale activity
Analysts at crypto intelligence tracker Santiment believe it is important to monitor whale activity as it coincides with price trend reversals. The intensity of the whale activity spike influences the magnitude of price hike.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.