In a recent tweet, Santiment revealed a massive increase in some altcoins’ whale exchange wallet transactions. These altcoins are Injective (INJ), Render (RENDER), and Polygon (MATIC). As the transaction signals a transfer from an exchange wallet to a cold wallet, the shift in supply for safekeeping or long-term holding reflects a boost in whales’s confidence.
Top Altcoins To Buy
Injective (INJ)
In the daily chart, the INJ price action reveals a falling channel pattern reflecting a bearish influence over the daily trend. Amidst the bearish influence, the altcoin price action shows a bullish failure to surpass the 23.60% Fibonacci level at $19.74.
Tradingview
With an evening star reversal, the 3-day crash for Injective accounts for a 9.16% drop and a bullish failure below the 50-day EMA. Currently, the INJ token trades at $18.40 with an intraday gain of 2.21%, reflecting a bullish dominance at $18.00.
Based on the recent whale transaction, the movement of INJ tokens from whales since August 21, 2023, has gradually increased. The ratio of top exchange to non-exchange wallet holdings for INJ stands at 0.014168, revealing a major anomaly.
Considering the bullish intentions and confidence of the whales, the upside potential target for the altcoin stands at 50% and 100% Fibonacci levels at $27.660 and $52.36.
Render (RNDR)
With a falling channel breakout in the daily chart, the RNDR Token fails to surpass the 200-day EMA, resulting in a pullback to the $4.30 mark. Following the bearish pullback, the altcoin is consolidating between the $4.60 support and the declining 50-day EMA.
Tradingview
Currently, an Evening Star pattern near the 50-day EMA drops the RNDR Token by 9.41% in 48 hours. However, the AI altcoin sustains dominance at the $4.70 mark and is trading at $4.73 with an intraday gain of 0.70%.
As the bullish dominance reveals itself, the consolidation range is expected to increase. Meanwhile, the recent major move of whale RNDR Tokens to cold wallets has been flat since 21 July 2024.
Currently, the top exchange-to-non-exchange wallet holdings ratio for Render stands at 0.033971, reflecting a boost in confidence. The upside potential targets for the altcoin based on the 2024 price trend are $6.88, $9.30, and $13.27.
Polygon (MATIC)
Following the recent bullish failure to sustain momentum with the listing of POL Token instead of MATIC. The altcoin witnesses a massive pullback of 8.61%, resulting in a three-black crow pattern.
Tradingview
However, the bullish comeback with an intraday gain of 2.74% puts the altcoin back at $0.3857. Meanwhile, the MACD and signal lines sustain a sideways trend in a merged fashion with minimal intensity of bullish histograms.
The movement of MATIC tokens from whale exchange wallets to cold wallets since September 9, 2024, continues to move off the network. The exodus continues as the Polygon network transitions from MATIC token to POL Token.
Further, the top exchange-to-non-exchange wallet holdings ratio for MATIC stands at 0.013214 and 0.01324. Based on the Fibonacci levels, the next two immediate resistances are at 23.60% and 50% Fibonacci level at $0.5933 and $0.8274, respectively.
Wondering if Polygon will hit $1? Check out our MATIC price prediction now for target levels of 2024 and years ahead.
