• CRV’s price has rallied by over 100% since the beginning of the year, with daily trading volume increasing by 200%.
• Whale transactions for CRV have increased, suggesting continued bullish sentiment.
• Open Interest and key indicators RSI and MFI are pegged at overbought highs, indicating a potential decrease in market demand.

CRV Price Rally

The price of Curve Finance’s CRV token has seen a significant increase, doubling in value since the beginning of the current bull cycle. Exchanging hands at $1.08 at press time, the alt’s value has risen by 107% in the last 30 days, data from CoinMarketCap showed.

Increased Utility & Whale Transactions

As CRV’s price rallied, its daily trading volume grew as well. Per data from Santiment, in the last month, CRV’s daily trading volume has increased by 200%. The surge in daily trading volume during the last 30 days hinted at the increased utility of the altcoin. Sharks and whales see things differently The significant surge in CRV’s price in the last month led to a jump in the daily count of whale transactions exceeding $1 million. An increase in whale transactions for a cryptocurrency is commonly viewed as a bullish indicator and a sign of a strong belief in continued price growth.

Supply Distribution

An analysis of CRV’s supply distribution showed that the recent price surge was mainly fueled by CRV token holders in the 1 to 10,000 range. This group increased their token accumulation, causing their count to rise by 2% in the last month. On the other hand, bigger stakeholders that hold between 10,000 to 10 million tokens reduced their holdings during this period under review.

Decreasing Open Interest

According to data from Coinglass, CRV’s Open Interest has been on a decline in past seven days – falling 15% over this period. A decline in an asset’s open interest can suggest decreased demand or investor interest which could lead to potential future downside pressure on its price action..

RSI & MFI Overbought Highs

A further assessment of CRV’s price movement on a daily chart revealed that key indicators Relative Strength Index (RSI) and Money Flow Index (MFI), were pegged at overbought highs – signaling buyers‘ exhaustion which could prevent any further rallies taking place for now