RIVER crypto was up more than 27% in the past 24 hours, making it among the top gainers and most visited tokens.
The altcoin was driven by volume and liquidity, as the Volume-to-Marketcap Ratio was at 10%. The spot listing on the South Korean exchange, Coinone, was the source of the volume spike. However, the Bitget exchange saw the highest volume share, about 35%.
The stablecoin abstraction chain also saw a spike in network activity, with the circulating supply of satUSD reaching $159 million. The number of users rose to 870,736, and Total Value Locked (TVL) surpassed $316 million.
RIVER price eyes new peak
On the charts, RIVER has been rising since the start of the year, with demand also following a similar path. The price has bounced off the ascending trendline three times, and RIVER traded toward its peak at $43.
The MACD is printing green bars, indicating buyer strength and dominance in the 4-hour chart. The On Balance Volume (OBV) was up, almost $1 million at the time of writing.
Arthur Hayes, the Chief of Maelstrom, has backed the coin to hit $100, and the current activities support this prediction.
Source: TradingView
Still, the peak was a potential resistance. Usually, assets like to revert from their peaks even if they continue with the uptrend due to profit-taking.
The price must surpass and hold above the $37-$43 zone to reach the $100 target. The opposite would result in a revisit of the ascending support or a breakdown of the level.
Inconsistencies in network activity
Now assessing the network activity on Etherscan, the path did not seem clear. Since the start of January, the activity has been strong on a couple of days but has failed to sustain the momentum consistently.
The first day of the year was the busiest, but this transfer amount has dropped to 1967 RIVER in the last 24 hours. Mid-January was also up at 3,779 RIVER, while the total unique users were at 65 only.
As of press time, the transfer count was 217, while unique users hit 75, surpassing mid-month levels.
Source: Etherscan
The activity regarding the transfer amounts and the number of users displayed inconsistencies. Furthermore, investors anticipated significant sell pressure due to the upcoming token unlocks.
Looming sell pressure!
While the network activity was not clear on the bias for the price action, the token unlock scheduled for the 22nd of January could reverse the current gains.
As per data from CoinGlass, about 364K RIVER were set to hit the circulating supply—0.36% of the total. This could trap buyers if the sell pressure materializes.
Already, the token has 15.66% in circulation, meaning there is more to be released. Still, 54.34% was locked, while 30% was still untracked.
Source: CoinGlass
Altogether, the structure was bullish and headed towards the peak, but sell pressure and unstable network activity could topple this outlook.
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Final Thoughts
- RIVER rallies 27% from rising TVL, stablecoin supply, and number of users.
- RIVER faces a critical test of the rally amid looming sell pressure from token unlock.
Source: https://ambcrypto.com/river-price-eyes-100-target-can-bulls-survive-364k-token-unlock/
