Whale Activity Rises Among These Altcoins—Are They Getting Ready for an Altseason

The latest market developments show that they are not only related to what has happened but also to what may happen. The latest 25 bps rate cut and the Fed's outlook for 2025 have damaged the prices of Bitcoin and other altcoins in the market. Since the price of BTC rose above the consolidation level around $102,000 aiming for ATH, whales have intensified their activities while increasing their holdings. In the past few days, whales have been seen buying two tokens, Polygon and Ethena, right after the BTC price surpassed this area. According to data from Santiment, whales have accumulated over 36.65 million Ethena and over 40 million Arbitrum in the past week. These accumulations are noted by wallets holding from 1,000,000 to 10,000,000 ARB or ENA tokens. Meanwhile, the price of ENA continues to maintain a stable uptrend, while the price of ARB continues to decline sharply.

After the latest reversal in ENA price, the buying side continuously failed to protect the support levels. However, they are trying their best to prevent the price from breaking below the support zone between $0.83 and $0.79 as the selling pressure continues to accumulate. In addition, MACD confirms increasing buying pressure while the super trend has switched to bearish, indicating that a break below these levels may be imminent. In addition, whale activity on other platforms has also increased, but unfortunately, they have sold their shares instead of buying. Polygon (POL) has witnessed a large sell-off, mainly driven by whales holding from 10 million to 100 million shares, selling over 80 million POL shares in the past 48 hours. This raises concerns that it will push MATIC prices into a short-term decline or possibly expect a major uptrend for POL prices.

The current POL transaction setup shows that the price is in an extremely dangerous state when it loses another 15% before the end of the year. The price is testing the neckline of the head & shoulders pattern and a breakout from here could lead to a prolonged price decline below $0.45. Meanwhile, the RSI has turned bearish with the Ichimoku cloud's base line & conversion line undergoing a bearish crossover, confirming the price decline statement. However, if the price tries to maintain in the range from $0.49 to $0.51, the price decline story may be suppressed for a while.