As October draws to a close, whales are rapidly selling off several major altcoins. Since October 13th, the total altcoin market capitalization (excluding Bitcoin) has fallen by more than 11%, from $1.62 trillion to $1.45 trillion.
This decline is not just due to falling prices, with large holders steadily reducing their exposure. While some projects are still collecting quiet accumulation, there are three altcoins that whales are selling rapidly. This sell-off is occurring amid delayed breakouts, profit taking, and declining confidence.
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Shiba Inu (SHIB)
Whale appears to be losing interest in the Shiba Inu and has steadily reduced its holdings since October 18th.
According to the data, wallets holding a large amount of this meme coin have decreased in total from 697.88 trillion to 694.26 trillion, a decrease of about 3.62 trillion SHIB, which is equivalent to about $355,000 at the current price of $0.0000098.
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This sell is consistent with Shiba Inu’s chart settings. The token has been stuck in a symmetrical triangle pattern since October 10th, indicating indecision. From October 14th to October 20th, prices made new lows, but the Relative Strength Index (RSI), which measures price momentum, hit new highs.
This pattern is known as a hidden bearish divergence and often indicates a continuation of a downtrend.
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A broader perspective supports that view. Shiba Inu numbers have decreased by 27.2% over the past three months, confirming a continued downward trend.
A daily close below $0.0000097 could reach $0.0000092, while above $0.000010 could open the door to $0.000011. But for now, whales don’t seem convinced that such a rebound in SHIB prices is imminent.
Cardano (ADA)
Crypto whales holding between 100 million and 1 billion tokens of ADA began reducing their positions on October 17th. Their total holdings decreased from 4.07 billion ADA to 4.04 billion ADA, a decrease of about 30 million ADA, and the equivalent of about $19 million at the current price of $0.63.
The timing of this sale is important. On October 17th, ADA briefly broke below the lower trendline of the ascending channel, but this trendline is structurally weak with only two touchpoints. The malfunction appears to have caused a mild panic among the whales.
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ADA prices have since recovered, but the selling has not stopped, suggesting that confidence remains low.
From October 13th to 20th, the price formed a lower high, while the relative strength index (RSI) formed a slightly higher high, indicating a hidden bearish divergence. This pattern typically indicates a continuation of a trend (down 21% in the past three months) rather than a reversal. If ADA fails to sustain $0.61, it could fall towards $0.59 and even $0.50.
To invalidate this bearish outlook, ADA would need to clear the resistance level of $0.86, which is 36% higher than current levels. This level has been the upper limit for multiple Cardano rallies in the past. Until then, an upside target around $1.12 (channel breakout point) seems unlikely, at least for now.
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Zora
ZORA whale is cashing in. They are likely taking profits following strong monthly gains. The token has risen more than 61% in the past 30 days, but fell 15.6% last week as large holders began selling.
Whale Wallet reduced its holdings by 6.71%, reducing its total holdings to 5.45 million ZORA. This means that approximately 390,000 ZORA tokens have been sold in the past 7 days.
ZORA’s price action reflects this cooldown. After breaking out of the inverted head-and-shoulders pattern predicted earlier this month, it is now consolidating inside a symmetrical triangle, showing a lull in momentum.
If $0.091 is not sustained, a deeper correction towards $0.083 and even $0.065 may continue.
Still, this looks more like a profit-taking stage than a complete trend reversal. A daily close above $0.10 and then above $0.11 could invalidate the short-term bearish setup and create room for further upside, potentially reviving interest in whales.
