Band Protocol price primed for a massive bullish impulse as BAND whales grow exponentially

Band protocol price prepares for its next leg up as whales continue accumulating heavily.
Slicing through a light resistance level at $14.20 would be uber bullish for BAND.
Transaction history shows the worst is over now that prices regained the $10 barrier as support.

Band Protocol is one of the many DeFi tokens that has seen incredible gains in the last two months. But unlike most altcoins, BAND’s bull rally is yet to unravel.

Band Protocol price aims for $15

At the time of writing, Band Protocol price is trading just above $13.00. Since it broke out of a symmetrical triangle on February 1, BAND’s market value has risen by more than 35%.

The recent upswing is nothing compared to what lies ahead if this altcoin manages to close above $14.20. Indeed, moving past the 78.6% Fibonacci level will increase the probability of another bullish impulse towards new all-time highs.

BAND/USDT 3-day chart

IntoTheBlock’s In/Out of the Money Around Price (IOMA) model shows clear sailing for Band Protocol price beyond the $14.20 resistance level. Here, roughly 673 addresses previously purchased 15,600 BAND.

Any buying pressure around this level could catapult the DeFi token into higher highs.

BAND IOMAP chart

Whales' activity on the network supports the optimistic outlook, according to on-chain data provider Santimet.

“Band Protocol’s 10,000+ token addresses have grown in number from 49 to 82 in a little under four months, and the price has rapidly risen during this same stretch. As long as we keep seeing this number climb, it’s a great sign for a token that is often pegged as an asset that simply follows Chainlink.”

Band Protocol whales by Santiment

Despite the mounting buying pressure behind Band Protocol, investors must remain cautious due to this digital asset's high volatility. A downswing that sends BAND price below $11.70 will be catastrophic for the bulls. If this were to happen, the DeFi token would be at risk of a sell-off that sends it back to $8.00.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram