Bancor (BNT) experienced a surge in price, reaching its highest level in two months at $0.69. The rise in BNT’s price can be attributed to increased whale activity and network growth, resulting in significant buyside pressure. Despite geopolitical events in the Middle East impacting market sentiment, analysts believe that Bancor has the potential to reach new multi-month highs.
Bancor Price Surges Amid Israel-Hamas Conflict
As markets opened on Monday, US stocks were down, and major cryptocurrencies like Bitcoin and Ethereum were trading lower. Investor jitters arose from concerns about the potential impact of a full-scale war in the Middle East following Israel’s retaliation to a surprise attack by Hamas. Despite the uncertain outlook, Bancor’s price breakout was driven by network growth and heightened whale activity. Notably, on-chain data revealed a substantial increase in the number of active addresses.
According to Santiment, Bancor’s price surged by 71% within 24 hours, reaching $0.67, the highest level for the cryptocurrency in two months. On crypto exchange Coinbase, the BNT/USD pair reached a high of $0.69. The analytics firm highlighted the correlation between the price increase and the spike in active BNT addresses, suggesting the possibility of further growth if on-chain metrics continue at the current rate.
What’s Next for BNT Price?
Analysts at Santiment noted that the surge in price coincided with a significant increase in active BNT addresses, the highest single-day increase in almost two years. Based on this observation, they speculate that there could be further price growth in the future. Bulls are anticipated to target the supply zone at $0.77 and aim for multi-month highs dating back to mid-June, potentially opening up a path to $1.18. On the downside, the key price level to monitor is $0.50, below which Bancor may seek a demand reload at $0.34.
What is Bancor (BNT)?
Bancor (BNT) is a decentralized liquidity protocol that facilitates automated and decentralized exchange of cryptocurrencies via smart contracts. It aims to provide continuous liquidity and reduce the need for centralized exchanges.
What is whale activity in cryptocurrency?
Whale activity refers to the buying or selling of large amounts of cryptocurrency by wealthy individuals or entities, commonly known as “whales.” Their actions can significantly impact the price and trading volume of a particular cryptocurrency.
How does on-chain data provide insights into cryptocurrency price movements?
On-chain data refers to information recorded on a blockchain, such as the number of active addresses, transaction volume, and token distribution. Analysts analyze this data to gain insights into the behavior and patterns of network participants, which can help predict price movements and market trends.