The native token of the open-source blockchain network Alef ELF has experienced a remarkable surge in trading volume, soaring by an impressive 1,344.78% in the last 24 hours. Simultaneously, its market capitalization has increased by 16.40% to reach $714.56, drawing significant interest from investors. While major cryptocurrencies grapple with consolidation, Alef stans out with its promising upward trend.
The real reason for Alef ELF’s surge is unclear but the fact that whales hold 95.43% of the coins according to CoinMarketCap data, suggests a high level of optimism among these influential whales regarding the coin’s potential. Data reveals that 98.45% of holders have smaller amounts below $1k, while those holding between $1k to $100k constitute 1.48% and a mere 0.08% of investors possess ELF valued at $100k or more. These statistics indicate that a very small fraction of investors control a substantial volume of ELF.
Alef ELF price previously reached $1 and is currently trading at $0.94, finding support around $0.90. Although it previously surpassed the $1.02 resistance level, it couldn’t maintain that position. Looking at the daily chart, the next resistance is at $1.16, and breaking through this barrier could generate significant positive momentum. However, caution is advised due to the RSI reaching 80, signaling an overbought condition and suggesting the need for careful decision-making.