The third week of September has marked a notable resurgence in the cryptocurrency market, with broader participation driving the global market capitalization up by 3% over the past week. This renewed buying momentum has particularly attracted the attention of larger investors, as whale activity indicates a significant accumulation of select altcoins.
Among the tokens drawing attention is LINK, the native token of the prominent oracle network Chainlink. Recent on-chain data from Santiment reveals that whale addresses holding between 100,000 and 1 million LINK tokens have acquired an impressive 2.5 million tokens, totaling over $61 million at current market prices. As of now, LINK is trading at $24.43, and if the trend of whale accumulation continues, there is potential for its price to ascend toward $26.89, a peak last seen on August 23. Conversely, should demand wane, the altcoin could see a reversal, dropping below the $23.48 mark.
Similarly, Cronos (CRO) has emerged as a favored asset among whales, with a notable 29% increase in large-holder activity over the past week, as reported by Nansen. This surge in accumulation reflects renewed confidence among significant investors in the token. If this buying trend persists, CRO could potentially reach the $0.27 level. However, should demand decline, it risks sliding back towards $0.19 in the near term.
Additionally, Toncoin (TON) has experienced a period of price consolidation, which has opened the door for accumulation by crypto whales. According to Santiment, addresses holding between 1 million and 10 million TON tokens have increased their holdings by 5% during this week. If this trend of accumulation continues, TON may break free from its current sideways trend and rally toward $3.20. On the other hand, should selloffs begin, the token’s price could drop to around $3.04.
The activity of whales in these altcoins suggests a growing confidence among larger investors, which could further influence price movements as they respond to market dynamics in the coming days.
