The largest holder of the Solana meme coin, Moo Deng (MOODENG), recently added 11 million tokens to its holdings despite a 45% drop in its price.

This move by the top holder has fueled speculation that the cryptocurrency might recover some of its recent losses. But is a rebound on the horizon?

Moo Deng Stake Holder Adds More Tokens, but User Activity Drops

According to data from Arkham Intelligence, the MOODENG largest holder withdrew 11.80 million tokens from the Gate.io exchange. At the time of the transaction, these tokens were valued at $5.37 million.

The crypto intelligence platform further revealed that the holder transferred the entire amount to a non-exchange wallet. Following this move, the wallet now holds 104 million MOODENG, which has a current value of $38.62 million.

Typically, when something like this happens, it means that the market participant does not plan to sell anything soon. However, this does not necessarily imply that the cryptocurrency’s price will increase immediately, especially as MOODENG’s largest holder in the party involved.

Despite the accumulation, on-chain data from Santiment highlights a significant drop in Moo Deng’s daily active addresses. Active addresses represent participants — either senders or receivers — in successful transactions. Typically, an increase in active addresses signals growing user interaction, which is a bullish indicator.

However, the current decline in MOODENG’s active addresses suggests waning user interest, a bearish sign that could put additional pressure on the meme coin’s price.

MOODENG Price Prediction: Decline Not Over

On the 4-hour chart, MOODENG continues to trade within a descending triangle. A descending triangle is a bearish chart pattern commonly used in technical analysis. It is defined by a downward-sloping upper trendline and a flat, horizontal lower trendline, which serves as a support level. 

This pattern indicates increasing selling pressure and often indicates a potential breakdown below the support line. As seen below, the meme coin is on the verge of falling below the $0.34 support.

If validated, then the meme coin’s value could drop as low as $0.34. However, if MOODENG’s largest holder accumulates more volume, this could lead to a rebound toward $0.56.

The cryptocurrency market has experienced a significant downturn over the past 24 hours, shedding a staggering $8 billion from its total market capitalization. Despite this broader market correction, some altcoins have defied the trend and surged to new all-time highs (ATHs) today.

BeInCrypto has analyzed three of these tokens that reached new all-time highs today, led by Just a Chill Guy (CHILLGUY)

Just a Chill Guy (CHILLGUY)

Based on a popular internet character, the meme coin Just a Chill Guy (CHILLGUY) has seen a massive surge in value since it launched on November 15. The altcoin climbed to a new all-time high of $0.58 during Tuesday’s early Asian session. However, it currently trades at $0.47, an 18% drop from the price peak.

In a November 25 post on X, on-chain analytics data provider Nansen noted that the meme coin saw $108,450 smart money netflows in the preceding 24 hours. Smart money refers to institutional or large-scale investors. This indicates that large-scale hodlers are increasing their CHILLGUY holdings.

If this trend persists, the meme coin’s price may reclaim its all-time high. On the other hand, CHILLGUY’s price may plummet below $0.40 if selling activity resurfaces.

Virtuals Protocol (VIRTUAL)

VIRTUAL, the native token of the decentralized platform for the creation and monetization of AI agents Virtuals Protocol, rose to an all-time high of $0.71 today. It now trades at $0.65, having shed 8% of its value from this price high. 

VIRTUAL’s price surge is backed by an actual demand for the altcoin, reflected in its rising Rising Strength Index (RSI). At press time, this is at 69.48.

The RSI indicator tracks an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. On the other hand, values below 30 indicate oversold conditions and hint at a price rebound. 

At 69.48, VIRTUAL’s RSI indicates that buying activity outweighs selling pressure among market participants. If this trend continues, the altcoin will reclaim its all-time high of $0.71 and attempt to rally beyond it. However, if profit-taking commences, VIRTUAL’s price may drop to $0.57, invalidating this bullish outlook.

aixbt by Virtuals (AIXBT)

AIXBT is currently trading at $0.08. It has recorded a 75% intra-day increase and has hit an all-time high of $0.09 today. Over the past 24 hours, its trading volume has totaled $6.05 million, rocketing by 487%. 

When an asset’s price climbs alongside its trading volume, it suggests strong market interest and participation, indicating that the price increase is supported by active buying. This signals confidence in the asset’s value and can suggest that the upward movement may be sustainable.

AIXBT will reclaim its all-time high if this bullish momentum holds. However, its value may drop to $0.07 if selling activity commences.