SingularityNET ($AGIX), one of the top-performing assets of 2023, has seen its largest transaction in 14 months as a known whale exchange moves 100M $AGIX, worth over $50M. While it’s difficult to decipher the implications of this move by looking at the exchange address’s $1.23B worth of altcoins, historical data shows that their last large accumulation of $AGIX led to a drop in prices.
However, they continued accumulating and eventually sold for a profit. It’s important to note that both addresses involved in the transaction are exchange addresses, but with the size of the transfer, it’s worth keeping an eye on future price action. The sender of the transaction holds a staggering $9.92B in combined altcoins, with BUSD as its highest percentage.
SingularityNET ($AGIX) recent price analysis
SingularityNET ($AGIX) price action in the last 24 hours reveals the altcoin has been making higher highs at $0.5197, up 3.29% in the last 24 hours. The high of $0.5197 was preceded by a 7-day period where the altcoin traded in a tight range between $0.4643 and $0.5197.
The recent whale action might not have major price implications as of yet, but one thing is SingularityNET has been trading inside a bullish triangle pattern since last month. If the ascending triangle pattern is sustained and the altcoin breaks out of it to the upside, this could be a sign of further price appreciation ahead.
For now, the AGIX/USD pair seems to bounce off the 200-day exponential moving average (EMA) at $0.4800 every time it trades below this level. Looking ahead, traders will want to keep an eye on the 50-day, and 200-day EMA, which are currently at $0.4556 and $0.4778, respectively, as any break out above these levels could result in further price appreciation.
Overall, the recent whale exchange transfer of $50M worth of $AGIX is an interesting development, and we will have to wait to see what kind of impact it has on future prices. However, the continuation of a bullish trend based on the current technical analysis could be an indication that the altcoin might trend higher in short to medium term.