SUNDOG Sees Big Players Bet $2.5 Million: What’s Next?

• SUNDOG’s accumulation of whales indicators growing confidence, with current purchases totaling greater than $2.5 million.
• On-chain knowledge supported the bullish sentiment, with brief positions being liquidated amid rising value momentum.

Latest whale exercise in Solar canine [SUNDOG] has caught the eye of market observers, with two substantial transactions fueling hypothesis about the way forward for the token.

One whale spent $2 million to accumulate a considerable amount of SUNDOG in a single transaction, adopted by one other whale who purchased $500,000 value, which quantities to 1.16 million tokens.

These vital purchases may mirror growing confidence within the asset’s potential. A deeper have a look at market sentiment, technical indicators and on-chain knowledge will present perception into whether or not this momentum is sustainable.

Are the whale purchases an indication of long-term confidence in SUNDOG?

The sudden accumulation of SUNDOG tokens by whales suggests a rising perception within the token’s upward trajectory. On the time of writing, the value was buying and selling at $0.3597, up 5.01% over the previous 24 hours.

This improve coincided with these massive purchases, probably indicating that whales are making ready for a major value transfer.

The Bollinger Bands are displaying elevated volatility, with the value testing the higher band at $0.37146, suggesting that bullish momentum may proceed. The decrease band, at $0.33825, serves as vital help.

In the meantime, the RSI stands at 58.54, slightly below the overbought zone, implying that there’s room for additional upside earlier than the token reaches overbought situations.

Supply: TradingView

What position does on-chain knowledge play on this rally?

Statistics throughout the chain present additional perception into SUNDOG’s current rise. The open curiosity (OI)-weighted funding charge stands at 0.0101%, indicating optimistic sentiment as merchants pay a premium to carry lengthy positions.

Supply: Coinglass

Moreover, the whole liquidations chart exhibits that $90.8K of brief positions have been worn out, indicating that bearish merchants are below strain as the value continues to rise.

In distinction, solely $927.57 of lengthy positions have been liquidated, reinforcing the bullish sentiment driving SUNDOG’s present uptrend.

Supply: Coinglass

Will the value of SUNDOG proceed to rise?

SUNDOG’s current value actions and whale accumulation recommend that the token may preserve its bullish momentum within the brief time period. Nevertheless, buyers ought to keep watch over the RSI because it approaches overbought ranges and look ahead to potential volatility within the Bollinger Bands.

Whereas whale shopping for indicators long-term confidence, the market’s response to sudden shifts in whale exercise can be key to figuring out whether or not the rally continues.

The outlook stays optimistic for now, however merchants ought to stay cautious and vigilant towards any sudden market modifications.