Cryptocurrency markets generally experience low trading volumes and calm days on weekends, while there is activity in altcoins. At the time of writing this article, the Bitcoin price is hovering around the $42,000 level, with many altcoins continuing the day with double-digit gains.
About an hour ago, the price of Storj Coin rose from $0.92 to $1.09. Following this increase, a total of $23.7 million worth of tokens were withdrawn from the Binance and OKX exchanges. These withdrawals of millions of dollars, following the rapid price increase, suggest that large investors have entered accumulation mode.
Big whales make aggressive purchases of altcoins with short-term upward potential or during periods when news is expected. It will not be surprising to see a development in the coming days that could trigger purchases.
On the weekly chart, the recent purchases have broken through an important price region for STORJ Coin. The price, which could not surpass the $1.03 barrier during the week of June 20th and fell to $0.22, has managed to remain strong by recovering from the bottom since the week of November 6th.
On the daily chart, a critical support level is at $0.88, and losing this region could lead to the price dropping to $0.6. The price surpassing its daily peak on November 9th, combined with whale demand, indicates that the popular altcoin might be ready to make a move.
