BAND crypto has seen a significant surge in spot volume of over 280% in the past 24 hours, coupled with a market cap increase of nearly 10%. During the past three weeks, the BAND protocol has also surged more than 65% on the price chart, recovering from a market cap low of $129 million on July 5th to $223.3 million as of the time of writing. With a current rank of 225th based on market cap, BAND’s spot volume has reached $24.90 million, and its liquidity stands at 11.10%.
According to the tokenomics of BAND, most of its total supply is in circulation, with a total supply of 149.12 million BAND and a floating supply of 144.72 million BAND. The number of holders has been increasing over time and has reached 35,318 holders, indicating growing adoption among investors. The top 10 holders of BAND hold 84.18% of the circulating supply, with the top 100 holders holding 96.99%, and the number 1 holder holding 62.39%.
On social media platforms, such as X, analysts, traders, and investors have expressed optimism about the potential of the BAND protocol. Some have highlighted the possibility of a 2x bullish wave in the coming sessions. Investors and traders seem confident about the future appreciation of BAND, fueled by positive sentiment and fundamental indicators.
The on-chain data for BAND protocol reveals positive growth in daily active addresses, new addresses registered, number of transactions, and transaction volume. Additionally, GitHub activity has been on the rise, with 46.03K commits indicating developers’ continuous work on the platform’s improvement. The daily chart analysis shows that BAND’s price has grown nearly 200% from mid-October 2023 to mid-March 2024, with recent instability leading to a falling wedge pattern. However, with the broader market turning green, BAND has seen a 65% increase in the past three weeks.
Technical indicators suggest that the price of BAND has breached the 50-day EMA and is struggling to break through the 200-day EMA. The MACD has surged, with a growing histogram, and the RSI is at 66.09. Potential resistance levels for the price include $1.85 and $2.34, while support levels could be at $1.28 and $0.92, respectively. Overall, the snapshot of BAND shows a 65% growth in 3 weeks, driven by strong fundamentals, positive sentiment, and technical indicators, although concerns remain regarding high token concentration.
