The current crypto market is full of conflicting signals, with Bitcoin and Ethereum struggling to find direction. However, a detailed analysis of the on-chain data of three key altcoins —ASTER, AXS, and ZEC— reveals massive accumulation by large holders, suggesting a possible imminent trend reversal that challenges the overall bearish sentiment.
ASTER: The calm before the storm
ASTER has solidified its position as a standout token as whale accumulation accelerates. Over the last month, addresses with more than a million dollars in ASTER added approximately 15 million tokens. This sustained buying highlights the growing confidence of large holders, even as overall market conditions remain uneven.
Despite strong accumulation, the price of ASTER has shown a downward trend since mid-November 2025 and is trading near $0.65. This bearish trend reflects weak short-term sentiment. However, ongoing support from whales could help ASTER rebound to $0.71 in the coming weeks and potentially reach $1 if markets turn clearly bullish. The bullish outlook largely depends on external factors, with $0.57 being the key invalidation level.
AXS: Brutal momentum and risk of quick reversal
AXS has performed well, trading near $2.55, after rising approximately 213% since the beginning of the month. This strong rally reflects renewed investor interest and improved confidence. Whale activity has been crucial in maintaining the bullish trend. Addresses holding between 100,000 and 1 million AXS accumulated over 6 million tokens, valued at $15 million, over the last month. Continued accumulation could drive a move towards $3 in the short term and $4 in the long term.
The bullish outlook carries considerable risk. A change in whale behavior towards profit-taking could quickly reverse the momentum. If large holders sell, AXS could drop below the $2 level, invalidating the bullish thesis and causing a decline toward $1.30.
ZEC: Disappearance of supply and bullish divergence
ZEC holders have shown strong conviction over the past 24 hours. Exchange platform balance data indicates a significant reduction in available supply, with a drop of approximately 48% in ZEC reserves during this period. This movement often reflects active accumulation.
On-chain indicators reinforce this positive change. The Chaikin Money Flow (CMF) has formed a bullish divergence relative to price. While ZEC recorded lower lows, the CMF continued to record higher highs, highlighting a disconnection between price action and capital flows. ZEC is trading near $380, and a confirmed move above $450 would invalidate a previous bearish projection. The risk persists if sentiment reverses, with key support at $340.
