Last week, the Crypto.com token Cronos (CRO) hit a 30-month high of $0.22. Whale activity has increased, which is the cause of this surge. The value of CRO increased by 51% in the last week. The recent price increase made CRO the 25th largest crypto to date with a total market capitalization of $4,41 billion surpassing cryptocurrencies such as Bittsensor and Internet Computer (ICP).
A rise in whale activity
The token reached a two-year high of $0.22 in the last week. The value of the token has not been this high since 2022. Whale investors were the driving force behind this jump. With large transactions (over $100,000) soaring from 19 to 126 in a single day, this move has fueled the token's growth. The whales' actions suggest that big investors are becoming more interested.
There has been a rise in trading volume in addition to an increase in whale investors and transactions. Strong market confidence over the past week is reflected in CRO's trading volume, which increased 340% to $1.21 billion. Strong market confidence is typically indicated by such high trading volume, which can support a price rally as long as investor interest is high.
Investor confidence has also been bolstered by Crypto.com's partnership with Google Cloud over the past week. This partnership is an important step forward, as Google Cloud is a key validator on the Cronos blockchain.
A high RSI for Cronos suggests a possible fizzle
Despite the fact that CRO's price performance is improving, analysts think that the asset may be overbought because the token's Relative Strength Index (RSI-90) is high. A high RSI frequently indicates that the momentum may eventually wane but will be followed by additional gains. Although there will inevitably be fluctuations due to high investor interest, CRO remains optimistic.
At the time of writing, the price of the CRO token is $0.167 having gained 5% over the previous day. This suggests that the momentum has yet again gaining traction, or that the cooling-down phase has ended. The token is anticipated to pick up steam after this time.
Investors are still hopeful that the increased whale activity and strategic alliances will propel Cronos' growth as it continues its upward trajectory, albeit with a cooling-off period before the real surge starts.