On-chain analytics firm Santiment reported that the largest altcoin projects have started massive exits. This means that investors withdraw their coins to their wallets to wait.
The accumulation spree of these altcoin projects has begun
Santiment shared that Quant, Decentraland and Enjin are the biggest projects to see a significant departure from exchanges in 2022. This trend comes at a time when prices are bottoming out before the new year. Firm analysts also say that this accumulation is a positive sign for 2023. Investors often switch from exchange wallets to personal wallets to wait longer and protect their coins. However, there are possibilities to trade DeFi with another coin. Santiment analysts say that overall this trend is positive:
Quant, Decentraland, and Enjin are among the altcoins with the largest market caps to see a significant amount of cryptocurrencies leave exchanges in 2022. Although, like the rest of the crypto, their respective prices are down massively, these are pointing for the better.
Quant, Decentraland and Enjin have been showing a bearish trend in recent months along with the overall market. The prices of all three altcoins are down around 90% from ATH levels. For example, MANA has lost more than 90% since last year. It peaked at $5 on November 24, 2021 and melted to $0.4 in 2022. The current levels act as the $0.377 resistance level.
Can Decentraland (MANA) meet expectations?
A series of Fibonacci retracement levels (yellow) were drawn based on the drop from the $0.744 high to $0.44 low. In recent weeks, $0.377 acted as support but was later broken. In broader timeframes, the market structure was bearish. Therefore, none of the recent low peaks have been retested. The bulls do not have the strength to push the market up significantly and the selling pressure is relentless.
Equilibrium Volume (OBV) has been in a downtrend with price since mid-August. The Relative Strength Index (RSI) also dropped below the neutral 50 in mid-November to underline the bearish momentum. Since then, the RSI has climbed above 45. Despite the RSI giving a buy signal, MANA price continues its downtrend. Similarly, ENJ price stays buoyant with bulk whale purchases, especially as the price of ENJ is also on a downtrend.
Altcoin whales pile up as ENJ price drops
ENJ has recently managed to attract the attention of Ethereum whales that are constantly accumulating. According to Whale Stats, ENJ entered the top ten altcoins traded by ETH whales on December 24.
However, investors may need to calm their excitement about the recent rally. This is due to ENJ’s discouraging status on Blockchain. Enjin’s development activity has been flat at 0.02 lately. cryptocoin.comAs you can follow, its price spends around 0.24 in December.