Beam crypto rises 12% in 24 hours: More gains to come?

• Beam crypto soared 12% within 24 hours, supported by strong fundamentals.
• Over 57% of Beam addresses were profitable, with a significant surge in large transactions.

Beam [BEAM] has witnessed a sharp 12% price increase in the last 24 hours, pushing the altcoin above the critical level at $0.02024.

This resistance level had held firm since the 22nd of July, seeing multiple retests and rejections over the aforementioned duration. 

The breakout on the 11th of November marked a critical moment as it coincided with the market anticipation surrounding the U.S. elections. This milestone turned the $0.02024 resistance into new support. 

Shortly after, Beam’s price dipped by 14%, signaling a short-term correction. This dip was met with strong buying interest, allowing the token to resume its bullish rally. 

The $0.02024 price level was now a strong support, and could act as a launchpad for further rallies.

Increased large transactions signal rising interest

AMBCrypto analysis of IntoTheBlock indicated a remarkable 190% surge in large transactions within the last 24 hours, amounting to $16.53 million.

Large transaction spikes often indicate increased activity from major investors and can precede further price appreciation.

This trend suggests growing confidence in Beam, possibly hinting at continued bullish momentum.

Beam’s growing social engagement

That is not all; Santiment’s data revealed a gradual uptick in Beam social volume. The altcoin reached an all-time high on the 12th of November, reflecting heightened interest within the crypto community. 

This increased social buzz can act as a catalyst, drawing more eyes and investment to the coin.

Also, a closer look at Beam’s holder distribution showed that 57% of its addresses were in profit at press time.

This suggested that holders were at a position hold and add more long positions into their portfolio, which in turn may result in a rally.

What lies ahead for Beam crypto?

Beam’s breakout above $0.02024, strong on-chain indicators, and increasing social engagement all point to a potential bullish outlook.

Read Beam’s [BEAM] Price Prediction 2024–2025

With the key support levels now established and rising interest from larger market participants, Beam appeared positioned for continued gains in the short to medium term.

The $0.03175 is the next target in line.