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Whales accumulate EIGEN: Is this a sign of EigenLayer’s future rally?
A whale has increased its EIGEN holdings to 5.04 million, becoming the second-largest holder.
- Massive whale accumulation has brought significant attention to EIGEN.
- Whale activity aligned with EIGEN’s price rise and spikes.
EigenLayer [EIGEN] was trading at $2.58 at press time, marking a 7.18% increase over the past 24 hours. The 24-hour trading volume was $158.47 million, up by 24.71%.
However, the Open Interest (OI) for EIGEN stood at $66.46 million, reflecting a 7.20% decrease.
Whale activity often signals potential market trends, and $EIGEN has recently taken center stage. Major investor’s strategic accumulation suggests growing confidence in the token’s future.
A whale with $200 million in assets spent 3,391 ETH, valued at $10.44 million, over eight days to acquire 4.483 million EIGEN.
This move raised its holdings to 5.04 million EIGEN worth $11.14 million, making it the whale’s second-largest position after ETH. This highlighted a consistent and deliberate strategy.
Source:X
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The immediate support level for the token was at $2.20. Resistance levels were observed at $2.80, with a key resistance at $3.40. This setup offered a potential upside of 48.78%.
The price has recently rebounded from the support trendline, indicating the possibility of a short-term recovery.
Source: Tradingview
Moving Averages (MA) are also aligned with these levels.
The 50 SMA at $2.449 acts as immediate resistance, followed by the 100 SMA at $2.703 and the 200 SMA at $2.857, marking key barriers for sustained upward movement.
The MACD histogram showed decreasing bearish momentum as the signal lines were approaching a potential bullish crossover.
Meanwhile, the stochastic RSI was in oversold territory, with the fast line at 14.48 and the slow line at 25.64, suggesting a likely upward reversal.
Overall, while the indicators hint at bullish potential, confirmation through a price break above $2.80 is essential for further upward momentum.
Whale transactions help EIGEN surge!
An analysis of IntoTheBlock data by AMBCrypto showed a strong correlation between whale activity and EIGEN’s price movement. In late September, a sharp spike in large transactions exceeded 1,500, pushing the price above $4.00.
This was driven by heightened interest from institutional players or whales.
Source: IntoTheBlock
Following this peak, both transaction counts and price declined steadily through October, with transactions dropping below 500 and the price consolidating in the $2.50-$3.00 range.
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Early November showed flat activity, with transactions fluctuating between 50 and 200 daily as the price stayed within a narrow band.
Over the past week, activity slightly increased, with a seven-day high of 186 large transactions on the 18th of November and a low of 28 on the 17th of November. This shows inconsistent whale engagement.
