BAND Volume Explodes 280%, Price on Fire: Can it Rise 2x?

BAND crypto witnessed a massive spot volume surge of more than 280% in the past 24 hours, followed by its market cap surge of nearly 10%. Meanwhile, in the past three weeks, the BAND protocol has surged more than 65% on the price chart.

Its market cap has recovered from $129 Million on July 5th to $223.3 Million, a sof writing. The rank this asset has is 225th, on the basis of its market cap, and its volume of spot has amounted to $24.90 million. The liquidity appears good at 11.10% in the asset which signifies hassle-free buy and sell could be initiated by investors on the exchange closest to its price value.

per its tokenomics, most of its total supply floats in circulation, where the supply in total stands at 149.12 Million BAND, and the floating supply stands at 144.72 Million BAND.

Holders & Richest address | Source: Coincarp

Per the rich list, the holders have increased over time and have reached 35318 holders over time, which signified growing adoption among holders.

Meanwhile, the top 10 holders hold the most of the circulating supply. Precisely, the top 10 holders hold 84.18%, whereas the top 100 holds 96.99%. Over the look at holder’s addresses, the number 1 holds 62.39%.

Socials Showcased Optimism In BAND Protocol!

Over the X platform, many analysts, traders, and investors are optimistic about the asset potential ahead and showered their optimism.

Socials Optimism | Source: X

One of them, @WorldOfChart1, has highlighted that the price could head a 2x bullish wave in the coming sessions ahead.

$Band

Testing Crucial Resistance Of Descending Breakout Can Lead 2x Bullish Wave In Midterm #Crypto #Band pic.twitter.com/LgMetaAsUU

— World Of Charts (@WorldOfCharts1) July 26, 2024

Its investors and traders looked confident for further appreciation with time.

What Does BAND Protocol On-chain data highlights?

The daily active addresses chart showcased growth in the holders where new addresses registered was 17, and the number of transactions has increased to 183 txs. Meanwhile, the transaction volume stands at 521.11K BAND, which has shown a surge.

The GitHub activity has been rising and has reached 46.03K commits; this exhibited that the developers are working seamlessly in the backend for the platform’s betterment.

Band Crypto Analysis Over Daily Chart

From mid-October 2023 to mid-March 2024, the price of BAND has grown nearly 200%. In that span of time, the price advanced from $0.991 to $2.908. However, instability led to price plummetation, where the price ended in a falling wedge for nearly 120 days.

Thereon, the broader market sentiment turned green with BTC’s rise from July 5th onwards. In the past 3 weeks, the BAND has increased more than 65%.

The indicators show that the price has breached the 50-day EMA and has been facing a struggle to pierce the 200-day EMA. The MACD has surged with a growing histogram at $0.037, and the RSI flashed at 66.09.

Therefore, if the price advances then it could encounter resistance at $1.85, and $2.34, respectively. However, if the price dips then the price could hit supports at $1.28, and $0.92, respectively.

Key Snapshot Of BAND Shows 65% Growth

In short, BAND crypto surges 65% in 3 weeks with massive spot volume and market cap gains. Strong fundamentals, positive sentiment, and technical indicators drive price rally, but high token concentration remains a concern.

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