3 September Altcoin Plays: ETH Whale Accumulation, SOL's $2.5 Billion Demand, and Cardano's Mega Signal

The new month has kicked off with bullish expectations for cryptocurrencies, and altcoins are leading the conversation amongst market participants. Fresh market data is highlighting bullish possibilities for a handful of crypto assets, and these three altcoins appear to have experienced the most positive developments.

Ethereum (ETH) is making a bullish comeback

Ethereum (ETH), the second most valued altcoin by market cap, emerged as the best-performing altcoin in August, with gains sustained over the last 30 days, going above 20%.

Although the altcoin failed to hold after hitting a new ATH of $4,953, data from Santiment revealed that ETH has crept back to nearly $4,500, and accumulation from big whales is totalling between 1k and 100k ETH, marking a 14.0% increase sustained over the last 5 months.

Market expert Joao Wedson disclosed that Ethereum’s MVRV Z-Score, which is climbing up quickly, could break 1.33, and ETHUSD could soar by more than 65% by November.

However, failure to cross that mark could place ETH in a major danger zone. At press time, Ether is valued at $4,296 per token.

Solana (SOL) could mimic ETH, as bulls brace up for a 200% run

Against Bitcoin and ETH, SOL has gained 34% and 14% respectively, over the past month. SOL opened the new month with a 33% surge from August, making it a better performer than leading assets BTC and ETH.

In a new report, Jeff Dorman, the CIO at Arca, revealed that SOL is poised to follow in the bullish footsteps of ETH in the coming months.

“SOL might be the most obvious long right now. If the price of ETH rose almost 200% on roughly $20 billion of new demand, what do you think happens to SOL on $2.5 billion or more of new demand?” Jeff Dorman wrote.

Crypto analyst Ali Chart, in an X post, revealed that SOL might observe a mild decline before attempting a rebound towards $217. The 6th most valued altcoin by market cap is trading at $214.

Cardano (ADA) benefits from bearish retail outlook

According to data from Santiment, Cardano has seen its optimistic views start to turn bearish. Post recording the lowest sentiment in 5 months, ADA’s price is up by more than 5%.

As the report further reads;

“Prices typically move the opposite direction of the crowd’s expectations. When small traders sell off their bags out of impatience and frustration, it is generally the key stakeholders who accumulate and drive up prices again.”