Crypto Whales Are Selling, But Prices Are Rising – What’s Going On?

• Whale activity drop in crypto doesn’t always signal bearish trends or price falls.
• Bitcoin and Ethereum show recent bullish trends despite decreased whale transactions.
• XRP, TON, and ADA show positive price trends despite reduced whale transactions.

Recent data indicates a decline in large transactions – those exceeding $100,000 – for major cryptocurrencies like Bitcoin, Ethereum, XRP, Toncoin, and Cardano. This trend, observed from late February to early September 2024, suggests a shift in how large holders, often referred to as “whales,” are interacting with the market.

However, the overall market picture shows that reduced whale activity does not necessarily translate to an impending price drop or bearish trend.

Bitcoin, for instance, saw a significant decrease in large transactions from March to August 2024. Yet, as of press time, it is trading at $59,208.99, a 2.72% increase in the past day. The price has rebounded from a recent dip to $57,750, demonstrating bullish momentum.

Support is evident around $57,750, while resistance is encountered at $59,500. A break above this resistance could lead to further gains, potentially reaching $60,000.

Read also: Bitcoin Price Prediction: Why $150,000 Is Still on the Table

Ethereum displays a similar pattern. Ethereum’s whale transactions dropped from 115.1K to 31.8K over the same periods. This decline indicates a shift in whale engagement but does not directly suggest a negative impact on price trends.

Despite the drop in large transactions, it is currently trading at $2,521.96, up by 3.02% in the last 24 hours. The market capitalization is around $303.42 billion.

Nonetheless, the trading volume reduced slightly by 3.33% from its all-time high, Ethereum has been trading at $2449 support, and resistance is at $2550 level. Overcoming this resistance may lead to more gains and the next resistance level is at $2,575.

Read also: Ethereum Price Forecast 2025: ETFs and Lower Fees Could Drive Massive Gains

XRP is currently valued at $0.5668, showing a 3.8% increase has been recorded in the past 24 hours. The price has risen from a low of $0.5498 and still lies within the $0.550 to $0.570.

Significant support is found around $0.5498, a level that could act as a strong base if the price retraces. Resistance is noted at $0.570, a level that could signal further bullish momentum if surpassed.

Toncoin’s price has risen to $5.24, marking a 1.37% increase in the last 24 hours. The price has experienced some volatility but generally trends upward. Support is identified around $5.17, the lowest point before the bullish reversal. 

Resistance is observed at $5.28, a level where selling pressure has emerged. Watching these levels will be crucial for predicting future movements.

Cardano (ADA) is trading at $0.3335, up by 0.98% in the past day. The price has shown an overall upward trend, with fluctuations before reaching a high of $0.338. Significant support is around $0.3309, a level that has previously halted declines. 

Resistance is seen at $0.338, where the price has faced selling pressure. Breaking this resistance could lead to further bullish momentum.

While whale activity has decreased, the overall market sentiment for these cryptocurrencies remains cautiously optimistic. Investors are watching key resistance levels, hoping for breakouts that could signal further upward movement.