Ethereum Classic: Can ETC’s high social interest translate to a market rally?

• ETC social dominance and whale activity surge signals a potential reversal.
• A key symmetrical triangle support level could push ETC into bullish territory.

Ethereum Classic [ETC] is at a crucial price level. The altcoin has dipped by 8% in the last 48 hours, leading it to test a critical support level within a symmetrical triangle pattern. 

This might just be the ideal setting for an impending reversal, especially amidst a significant increase in whale activities and social dominance.

ETC social dominance hits new highs

ETC social dominance is at an all-time high since 14th July and seems to be rising. Such spikes in visibility indicate an increasing interest and attention by the community, which has often correlated with price action.

As the crypto market is heavily influenced by sentiment,  the rise in ETC social dominance could hint at building momentum. 

The convergence of strong technical levels and this social activity becomes even more significant.

Source: Santiment

Whale activity suggests institutional interest

Adding to the increasing social activity, the altcoin whale activity is also on the rise. The percentage of total supply held by whales with over 5 million ETC has surged to an impressive 58%.

This accumulation by big market players often precedes significant price movements. Whales growing positions indicate confidence in ETC’s potential to break through its current consolidation and possibly reverse its recent downtrend.

Source: Santiment

Symmetrical triangle hints at possible breakout

ETC’s price has been consolidating within a symmetrical triangle—a pattern known for signaling potential breakouts in either direction—since 24th August. 

With the price testing a key support level at around $18, the next move could determine whether Ethereum Classic will bounce higher or continue its downward trajectory.

However, with both social dominance and whale activity flashing bullish signals,  ETC could be building momentum for an upside reversal. 

If the support holds, ETC may rally to break out of this pattern and push toward higher price levels.

Source: Tradingview

Read Ethereum Classic’s [ETC] Price Prediction 2024–2025

With whale activity  and social activity surging to the upside, ETC now seems very well-placed for a possible change in trend. 

While no pattern confirms a breakout, the signs point to growing bullish sentiment.