The July US Consumer Price Index (CPI) report will be released on August 12, and the crypto market is already showing signs of positioning ahead of this key economic event.
On-chain data show that crypto whales have been strategically buying some altcoins in the lead-up to the release. Chainlink (LINK), Cardano (ADA), and the meme-based token PEPE are some of the top assets attracting whale activity.
Chainlink (LINK)
LINK, the native token of leading oracle network provider Chainlink, is witnessing a surge in whale demand ahead of the US CPI Release
According to Nansen data, wallet addresses holding more than $1 million worth of LINK have increased their holdings by 11% over the past seven days.
This uptick in accumulation and improving sentiment in the broader crypto market has propelled LINK’s price more than 30% higher in the past week. This indicates renewed investor confidence and bullish momentum around the asset.
If the rally persists, LINLK’s price could extend its gains toward $25.55.
On the other hand, if demand stalls, LINK could reverse its uptrend and fall to $19.51.
Cardano (ADA)
Layer-1 (L1) coin ADA is another asset that large investors are buying ahead of tomorrow’s US CPI release. According to Santiment, whale addresses holding between 100 million and 1 billion coins have collectively accumulated 190 million ADA in the past seven days.
This surge in whale buying appears to have energized retail traders as well, helping push ADA’s price to a 14-day high of $0.82 at press time.
If the rally continues, ADA could climb above $0.84 and potentially attempt to cross the $0.92 resistance level.
However, if demand weakens, the price may retrace to around $0.76.
PEPE
The Solana-based frog-themed meme coin PEPE has also enjoyed some attention from crypto whales over the past week.
During that period, holders of tokens worth more than $1 million have increased their PEPE investments by 2%. As of this writing, this cohort of investors holds 9.01 trillion tokens.
PEPE trades at $0.00001207 at press time, up 17% in the past seven days. With growing bullish momentum across the crypto market, the meme coin could maintain its rally if whale demand holds.
In this scenario, PEPE could trade at $0.00001315.
Converesly, if buying activity decreases, PEPE risks plunging to $0.000001070.
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