JASMY hits 2-year high: What’s driving it?

• JasmyCoin surged to hit a 2-year high over the past day.
• JASMY’s whale activity has surged by 176.43% in the last 24 hours.

Over the past day, JasmyCoin [JASMY] has experienced a strong upward momentum, reaching a 2-year high of $0.0594.

During this period, JASMY reached a low of $0.039 and a high of $0.059, resulting in a 34.3% surge. Additionally, its trading volume increased by 140.82%, reaching $2.14 billion.

Source: IntoTheBlock

This uptrend has resulted in 85.26% of holders, or 66.89k addresses, being in profit, while 2.24% of holders, or 1.75k, are at the break-even point.

With the altcoin experiencing a significant uptrend and profit margins, the question arises: what’s driving the rally, and can JasmyCoin sustain it?

Can JASMY sustain the uptrend?

According to AMBCrypto’s analysis, JasmyCoin was experiencing a positive sentiment and increased demand.

Source: IntoTheBlock

For example, JASMY’s active addresses have surged by 91.76% rising from a low of 3.4k to 6.52k. An increase in active users reflects a rise in demand, network usage, and adoption. This is a recipe for a strong upward movement as strong fundamentals drive prices up.

Source: IntoTheBlock

Additionally, the number of large transactions has spiked 176.43% from a low of 140 to 387. An increase in large transactions implies that whales have entered the market and are actively engaged.

When whales turn to purchasing an asset, it reflects their confidence in the market’s future value.

Source: IntoTheBlock

This whale accumulation is evident from the increased inflow among large holders. Over the past day, this inflow has risen from 695.77 million to 1.12 billion.

This increase in capital inflow from large holders creates buying pressure, leading to upward pressure on prices.

Source: Santiment

Over the past week, JASMY’s Long/Short difference has surged from 22.53% to 78.41%. This strong upswing indicates that long-term holders are increasingly moving into profitable positions. Rising profit margins among whales further reflect their confidence as they continue to hold.

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In conclusion, Jasmycoin is experiencing a strong uptrend, with both whales and retail traders showing increasing interest and demand. As investor favorability rises, it positions the altcoin for more gains through a supply squeeze.

If these conditions are maintained, JasmyCoin will reclaim the $0.059 level and target the $0.06 resistance level. A subsequent market correction could see JasmyCoin dip to $0.047.