Santiment: Whale Activity Hints at Price Surge for INJ, MATIC, RENDER

• INJ, MATIC, and RENDER whales are moving their tokens to cold wallets.
• Santiment data shows that the altcoins are bullish in the short and long terms.
• While INJ and RENDER have printed significant gains this cycle, MATIC has yet to catch up.

Injective (INJ), Polygon (MATIC), and Render (RENDER) are showing promising signs for both short- and long-term growth, according to blockchain analytics platform, Santiment. The platform observed that whale wallets are moving their holdings of these altcoins from exchange wallets to cold storage, pointing to a bullish outlook. 

Santiment highlighted on X (formerly Twitter) that INJ, MATIC, and RENDER are “among several that saw plenty of price anomalies after whale exchange wallet supply suddenly shifted to whale cold wallet supply.” These price fluctuations, they noted, present “fantastic” opportunities for both short- and long-term traders.

A chart shared by Santiment illustrated this trend. INJ whales initiated a substantial transfer of tokens to cold storage on August 21, 2023, and have continued to do so gradually. Similarly, RENDER whales moved a significant amount of tokens to cold wallets on July 21. On September 9, MATIC whales followed suit, coinciding with the network’s transition to POL.

The transfer of tokens from exchange wallets to cold storage is often considered a bullish move because the investors and whales are expecting a surge in the price of the digital asset which they are holding. 

Price Analysis: INJ, RENDER, and MATIC

Of the three altcoins highlighted by Santiment, MATIC has experienced the weakest performance since the last year, while INJ and RENDER have demonstrated substantial price increases. However, MATIC’s transition to POL could potentially trigger renewed bullish sentiment among investors.

Read also: Altcoins on the Brink of an Explosive 2017-Style Bull Run?

MATIC is currently ranked as the 56th-largest digital asset with a market capitalization of $1.18 billion and is trading at $0.3804 at the time of writing. The cryptocurrency is up 0.76% in the past week but down 6.56% in the last month. Further, since September 2023, the altcoin has crashed 27.07%.

INJ is up 6.92% in the past seven days and is trading at $18.34 at the time of writing. The altcoin is down 1.45% in the past month but the cryptocurrency has surged a massive 160.06% since September 2023. Additionally, INJ’s market capitalization stands at $1.79 billion, ranking it at the 44th-position on CoinMarketCap. 

RENDER is down 2.67% in the past 24 hours and trades at $4.79. The altcoin has dropped 5.84% in the past week while skyrocketing 6.86% in the past month. Since September 2023, RENDER has surged a massive 201.77%, outperforming numerous altcoins in the space.