Whales pushed CRO’s trading volume to $1.2b amid 45% price surge

Cronos, the native token of Crypto.com and the Cronos EVM chain, saw a significant rise to a 30-month high of $0.23, thanks to increased whale activity.

Cronos (CRO) has gained 186% in the last seven days. The asset has gained 45% in value in the last 24 hours and is trading at $0.205 at the time of writing. CRO’s market cap currently stands at $5.46 billion, making it the 24th largest digital asset.

CRO price, whale activity and RSI | Source: Santiment

Cronos reaches this level for the first time since May 2022.

Moreover, with whale activity gaining momentum, daily trade volume increased by 340% and reached 1.21 billion dollars.

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of CRO tokens increased from 19 to 126 in the past day.

Increased whale activity generally indicates a strong bullish sentiment among investors, which triggers high price volatility.

However, the CRO Relative Strength Index rose to 90, according to Santiment. The indicator shows that the asset is overbought at this point. This could indicate a potential waiting period before Cronos begins another rally.

Sentiments remain positive

Data from Santiment shows that weighted sentiment towards Cronos is still very high, as the asset is 78% below its November 2021 all-time high of $0.969.

CRO funding rate, sentiment and foreign exchange flows | Source: Santiment

The total funding rate raised by the CRO has decreased from 0.13% to 0.001% in the last two days; This indicates a cooling in derivatives market activity.

The onset of short liquidations could potentially increase the price of CRO under normal market conditions.

In addition, according to the market intelligence platform, Cronos witnessed a net exchange outflow of 63 million tokens, showing increasing accumulation in the last 24 hours.

Another major catalyst for the CRO price increase was Cronos’ partnership with Google Cloud, which became the platform’s primary validator.