Whale Activity Spurs Potential Reversals for Optimism and Chiliz

Author : Andrew Stauss | Published On : 21 May 2024

Optimism (OP) and Chiliz (CHZ) are witnessing significant whale activity, suggesting potential price reversals and market volatility. Data from Santiment reveals increased transactions by large holders on these networks, indicating possible major market movements ahead.

This rise in whale trades aligns with a broader crypto market rebound, signaling renewed interest and confidence from significant traders. For Optimism and Chiliz, the heightened activity from these large holders typically precedes notable price shifts, making it a crucial development for investors to monitor closely.

Currently, both altcoins are showing bullish trends amid speculation about the approval of a Spot Ethereum ETF. Optimism is trading at $2.85, up over 13% in the past 24 hours, while Chiliz has surged more than 7%, reaching $0.1248. The increased whale activity underscores the importance of on-chain metrics in predicting market trends and identifying investment opportunities.