The crypto market is entering a dynamic phase, with tokens changing rankings fast. Most recently, Cardano has seen a wave of selling, especially by whales. This pushed its price down 15% from its recent high, hurting its relative position to other crypto assets.
At the same time, Avalanche has seen significant developments and is set for major price increases. This puts it in a position to threaten Cardano for its spot among the top 10 in the near future.
Cardano Sees Major Whale Selling
Cardano (ADA) has seen significant volatility in the past week, as whales offloaded the token. After reaching a monthly high of $1.16, Cardano experienced a major correction. Now, the token is trading at $0.9457, dropping 15% from the recent high.
The likely reason for this correction was the recent increase in whale transactions. Over the past week, whales have sold a cumulative $200 million in ADA. In this context, whales are those traders who own between 1 million and 10 million tokens.
Whale selling is usually a bad sign for the network, as these are typically sophisticated traders or insiders. Still, investors are not giving up on Cardano just yet. Weekly technicals remain bullish, especially the momentum indicators.
The overall positive sentiment is likely due to the anticipated Plomin hard fork upgrade, which is boosting investor confidence. Set for January 29, the update will enhance Cardano’s governance, and make the blockchain more efficient.
Avalanche Unveils Major Initiatives
Like Cardano, Avalanche (AVAX) has experienced a significant correction. After reaching a monthly high of $44.98, Avalanche dropped 22% to $35.44. The rally to the recent high came after a major network upgrade.
The Avalanche9000 mainnet upgrade has generated significant excitement among traders. Notably, the upgrade significantly reduced deployment costs for smart contracts. At the same time, the fees on Avalanche’s C-Chain dropped more than 90%.
What is more, Avalanche recently unveiled Avaissance, an NFT initiative supporting artists. The program will provide funding and mentorship for aspiring NFT artists. The blockchain hopes this will boost the network’s NFT space, by promoting quality projects.
Still, the technical outlook for Avalanche is neutral. Weekly momentum indicators are mixed, with short-term moving averages turning bearish. Despite weakening momentum, Avalanche’s upgrades reveal strong fundamentals for the chain.
Elluminex Set To Transform TON
Another token that has recently become viral is Elluminex (ELX). This DeFi hub for the TON blockchain is positioning itself to become a major DEX on the chain.
So far, TON’s DeFi ecosystem has been relatively small, despite the rapid growth of the network. Notably, TON’s Total Value Locked peaked near $800 million last year, registering huge growth. Despite this, a lack of a strong DEX was a major hurdle, with network value seeing a significant correction.
Elluminex is working to bridge this gap, by connecting TON to 40 major blockchains. By enabling token swaps across the biggest blockchains, the DEX is working on fixing liquidity issues that discourage traders from joining TON.
What is more, its advanced AI features will appeal to all types of investors. Notably, Elluminex is building an AI portfolio tracker, giving real-time actionable insights for traders. These features could make the DEX one of the strongest players in DeFi.
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