The July US Consumer Price Index (CPI) report is scheduled to be released on August 12th, and the cryptocurrency market is already showing signs of positioning ahead of this important economic event.
According to on-chain data, cryptocurrency whales are strategically buying some altcoins ahead of the report. Chainlink (LINK), Cardano (ADA), and the meme-based token PEPE are the key assets drawing whale activity.
Chainlink (LINK)
LINK, the native token of the major oracle network provider Chainlink, is experiencing a surge in whale demand ahead of the US CPI announcement.
According to Nansen data, wallet addresses holding over $1 million in LINK have increased their holdings by 11% over the past 7 days.
This accumulation increase and the improved sentiment across the cryptocurrency market have driven LINK's price up by over 30% last week. This indicates renewed investor confidence and upward momentum for the asset.
If the uptrend continues, LINK's price could rise to $25.55.
Conversely, if demand stagnates, LINK could reverse its uptrend and drop to $19.51.
Cardano (ADA)
Layer-1 (L1) coin ADA is another asset being purchased by large investors ahead of tomorrow's US CPI announcement. According to Sentiment, whale addresses holding between 100 million and 1 billion coins collectively accumulated 190 million ADA over the past 7 days.
This surge in whale purchases has also energized retail investors, driving ADA's price to its 14-day high of $0.82 at the time of reporting.
If the uptrend continues, ADA may attempt to break through the $0.92 resistance level, surpassing $0.84.
However, if demand weakens, the price could fall back to around $0.76.
PEPE
The Solana-based frog-themed meme coin PEPE has also caught the attention of cryptocurrency whales over the past week.
During this period, investors holding over $1 million in tokens increased their PEPE investments by 2%. This investor group currently holds 9.01 trillion tokens.
PEPE is trading at $0.00001207 at the time of reporting, having risen 17% over the past 7 days. With the growing upward momentum across the cryptocurrency market, the meme coin could maintain its uptrend if whale demand is sustained.
In this case, PEPE could trade at $0.00001315.
Conversely, if buying activity decreases, PEPE risks dropping to $0.000001070.
