The digital asset market has seen muted performance this week, with many tokens surrendering most of their July gains. Global crypto market capitalization has slipped 4% over the past seven days, reflecting waning bullish momentum and cautious sentiment among traders.
However, despite the broader downturn, on-chain data reveals that crypto whales have been actively accumulating select altcoins. This analysis takes a look at some of them.
Arbitrum (ARB)
Layer-2 (L2) altcoin ARB has seen an uptick in crypto whale accumulation this week. According to Santiment, whales holding between 1 million and 10 million tokens have acquired 10 million ARB over the past week, pushing their collective holdings to 2.45 billion tokens at press time.
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This trend could boost confidence among smaller investors and spark increased retail participation. As retail demand builds alongside whale activity, it may create the momentum needed to break ARB from its sideways trend.
If demand grows, ARB eyes a break above the resistance formed at $0.52 and a push toward $0.57.
On the other hand, if selloffs continue, it could fall to $0.45.
Chainlink (LINK)
LINK, the native token of oracle network provider Chainlink, is among the altcoins crypto whales accumulated this week. On-chain data from Nansen shows a 25% increase in holdings among high-value wallets holding more than $1 million worth of LINK.
This surge in whale activity suggests growing confidence in the token’s near-term prospects. If accumulation persists, LINK could rally toward $26.89.
On the other hand, if demand weakens and whales begin reducing exposure, the token risks sliding to around $23.48.
Cardano (ADA)
Layer-1 (L1) coin ADA has also noted strategic accumulation among crypto whales this week, despite the broader market dip. Per on-chain data, whales that hold between 1 million and 10 million coins have bought 60 million ADA coins during the week in review.
Although the wider market’s tepid performance has kept ADA in a range in the past few days, if whale accumulation grows, its price could test the resistance at $0.89 and attempt a break above it.
Conversely, if accumulation falls, the L1’s price could fall to $0.84.
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