"Whales Moved First"...Which Altcoins Will Shake Up the Market This Weekend?

▲ Ondo Finance (NDO), Hyperliquid (HYPE), Zcash (ZEC)/AI generated image

This weekend, Ondo Finance (ONDO), Hyperliquid (HYPE), and Zcash (ZEC) have emerged as key altcoins to watch in the cryptocurrency market. Analysis suggests that short-term volatility could increase as institutional capital flows, whale accumulation, regulatory catalysts, and chart breakout levels align.

On May 22 (local time), BeInCrypto presented Ondo Finance, Hyperliquid, and Zcash as three altcoins to watch this weekend. Analysts assessed that ETF inflows, catalysts related to tokenized stocks from the U.S. Securities and Exchange Commission, and pre-IPO trading demand are supporting the movements of some altcoins. Chart-wise, they noted that the presence of bull flags and the potential for a breakout from a descending channel have entered a phase where direction could be determined within a few days.

Ondo Finance was presented as a token with a 60% market share in the tokenized stock market. Following news that the U.S. Securities and Exchange Commission is preparing a new innovation exemption framework that could enable trading of blockchain-based digital versions of listed stocks, Ondo Finance surged 10% on May 21. According to Santiment data, a group of whales holding 1 million to 10 million ONDO increased their holdings from 555.38 million ONDO to 594.05 million ONDO earlier this month. Subsequently, ahead of the weekend, whale holdings rose from 7.9 billion ONDO to 7.93 billion ONDO. If the price clearly surpasses $0.42, $0.45 and $0.48 were suggested as the next target levels, while a loss of $0.40 could open up possibilities for a decline to $0.36 and $0.33.

Hyperliquid entered a correction phase after reaching near its all-time high, but it was evaluated as a token whose upward structure is supported by institutional funds and whale buying. Inflows into BHYP spot ETFs, pre-IPO stock trading for companies like SpaceX and OpenAI, and a surge in perpetual contract trading volume were cited as reasons for its rise. An a16z-linked wallet accumulated 2.34 million HYPE, worth $102 million, since April 14, and the Hyperliquid spot ETFs from Bitwise and 21Shares saw a net inflow of $25.5 million on May 21. The same wallet additionally bought 261,250 HYPE in the last 10 hours, accumulating a total of 3.17 million HYPE at an average price of $46.8 since April 14. A bull flag has formed on the chart, and analysis suggests that if the Chaikin Money Flow surpasses 0.08, the likelihood of a breakout could increase, confirming institutional buying pressure.

For Hyperliquid to maintain its bull flag structure, it must remain above $56.93. A drop below $53.35 would weaken the structure, and $50.46 was presented as the pattern invalidation level. Conversely, if it breaks through $58.58 and $62.73 sequentially, there could be room for an ascent to the 1.618 extension target of $95.71.

Zcash underwent a correction after a 20% surge over the past week, but it was identified as a token where long and short forces are strongly clashing ahead of the weekend. According to Lookonchain, Garrett Jin placed a ZEC short limit order worth $36 million on May 22. Conversely, a newly created wallet withdrew 11,827 ZEC, valued at $7.96 million, from Binance on May 21. Evaded opened a 10x long position worth 36,875 ZEC, or $21.59 million, on May 20 and was still holding that position at the time of writing. Chart-wise, Zcash moved within a bull flag after its short-term high of $693.52 on May 21, and decreasing trading volume was interpreted as a sign that the correction might be nearing its final stage.

If Zcash loses $564.71, a decline to $487.02 could open up, strengthening Garrett Jin's short thesis. Conversely, if it clearly surpasses the $690 to $693 range, upward targets of $745.77, $816.22, and even $1,019.67 were suggested. BeInCrypto stated that in the altcoin market this weekend, Ondo Finance's tokenized stock catalysts, Hyperliquid's ETF and institutional supply/demand, and the clash of whale positions in Zcash are key variables that will determine short-term direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*