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Curve DAO Explodes 70% in a Week—What’s Fueling CRV’s Run?
Over the past week, Curve DAO (CRV) has witnessed an explosive growth of 70%, with the token price surging to $0.96. The sharp increase is accompanied by significant buying volume and corroborated by various on-chain signals.
One of the most notable developments is the breakout from a descending channel that had been in place since early May, along with the clearing of a horizontal resistance area between $0.80 and $0.85. This decisive move suggests strong demand for CRV has emerged, as investors are now flocking to the asset.
The technical picture further solidifies this notion, with both the 9-day EMA and the 50-day SMA displaying upward momentum. Furthermore, the most recent candle has closed above resistance, indicating a strengthening buying sentiment.
Moreover, there appears to be rising on-chain activity, as the daily transaction count has surpassed the 10,000 mark, a level not seen in months. This trend is consistent with early July data and suggests that CRV’s price increase is reflective of growing network participation.
The accumulation narrative gains further credence due to the considerable outflow of over 50 million tokens from exchanges. This is the largest recorded withdrawal since January, which historically has preceded price rallies as long-term holders prepare for continued upside.
As a result, investors should be keeping an eye on CRV’s potential to continue its upward trajectory.
Source: cryptopotato.com
