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Weekends are generally low-volume and calm days for the cryptocurrency markets, but there is activity within the altcoins. As this article is being prepared, the Bitcoin price hovers around the $42,000 level, yet many altcoins continue the day with double-digit gains.
Why Did STORJ Coin Rise?
About an hour ago, the price of Storj Coin rose from $0.92 to $1.09. Following this rise, a few minutes ago, a total of $23.7 million worth of tokens were withdrawn from the Binance and OKX exchanges. If the price rises this quickly following excessive buying and is then followed shortly by million-dollar withdrawals, it brings one thing to mind.
Yes, probably two big whales have switched to accumulation mode, and due to their rapid purchases, we saw the price increase by over 15%.
Whales especially make aggressive purchases in altcoins with strong short-term upside potential or that are expected to release news during such periods. It would not be surprising to see a development in the coming days that triggers more buying.
Analysis of STORJ Coin
On the weekly chart, with the recent buying, STORJ Coin has surpassed an important price region. We had seen that the price, unable to overcome the $1.03 barrier during the week of June 20, led to a sell-off down to the $0.22 region. However, the altcoin has managed to stay strong since the week of November 6 after recovering from the bottom.
If the closes above $1.03 continue, we could see the peaks of $1.38 and $1.64 being surpassed. The journey aiming for the all-time high (ATH) price of $3.83 could only be possible with closes above $1.64.
The fact that whale demand comes in a critical region is important; normally, whales purchase near local bottoms in significant volumes. Moreover, despite the time that has passed, we have not seen profit-taking in the purchases within the $0.95-$1 range; on the contrary, the exchange withdrawals are encouraging.
On the daily chart, a critical support is found at $0.88, and a loss of this region could lead to a drop to $0.6. The price, having surpassed its daily peak on November 9 and combined with whale demand, now suggests that the popular altcoin may be ready to make a move.
It’s risky, but as the day progresses, we could see this whale demand make noise and push the price to even higher levels with individual demand.
