Significant whale movements in Raydium (RAY) and Bounce (AUCTION) have recently captured the attention of crypto market participants. As spotted by crypto analyst the Data Nerd, two whales withdrew huge amounts of RAY and AUCTION tokens, raising curiosity about these digital assets.
Whales withdraw RAY and AUCTION
According to data shared by the crypto analyst, a new wallet withdrew 160,700 AUCTION tokens worth $2.45 million from Binance. Four hours later, another wallet withdrew 1.168 million RAY valued at $2.3 million from Binance and then staked them into Raydium.
The timing of such acquisitions happened within a short timeframe showing a coordinated effort among these big investors. This could potentially impact the market dynamics in the two assets soon.
The movements are based on bullish sentiment, hinting that the first whale intends to hold the AUCTION tokens for the long term. On the other hand, the second whale is planning to stake the Raydium tokens for the long term.
Whale activity normally comes before substantial price fluctuations in the crypto market. The recent outflows from Raydium and Bounce signify some positive shifts in the near term. These accumulations suggest that investors and traders have a strong interest in these DeFi tokens and are confident in their long-term potential.
RAY and AUCTION price updates
Bounce is experiencing an impressive uptrend, with the potential to rise higher on the horizon. The asset has recently been witnessing remarkable buying pressure. This development indicates that AUCTION could continue its uptrend moment, as bullish sentiment holds strong around the market. Its price has been up 93.8% and 23% over the past month and seven days ago respectively.
The increase in buying pressure is further evident in AUCTION’s on-chain metrics. Its Open Interest has risen by 13.17% over the past 24 hours, showing that multiple traders are holding derivative contracts in the asset, hoping for future price surges.
On the other hand, Raydium has been facing heightened selling pressure, causing a downtrend in its price movement. It appears that the heightened volatility within the wider crypto market, which started early last month, influenced investors and traders to pull out their funds in the Raydium market.
As a result, RAY’s price has been down 62.3% and 56.3% over the past month and two weeks ago respectively. However, the downturn appears declining, indicating that buyers are gaining strength though so far have not managed to overpower sellers.
The recent whale movements in RAY indicate a correction trend before an imminent push toward higher levels Indicators are showing that buyers are stepping in to defend crucial support levels. Despite being in the downward momentum, buying activity has been helping the asset to maintain its value above critical support levels of $1.98 and $1.72. This suggests the asset is preparing to get clear direction for next price movement. A potential breakout from the downturn is looming as market sentiment shifts to bullishness and buying pressure surges.
