Cronos (CRO), a Crypto.com token, hit a 30-month high of $0.23 last week. This surge is due to increased whale activity. Over the past week, the cost of CRO increased by 85.9%. It is now ranked 30th among cryptocurrencies with a market capitalization of approximately $4.3 billion.
Increased whale activity
Last week, the token managed to reach a two-year high of $0.23. This is the highest the value of the token has reached since 2022. This surge was driven by whale investors. This move contributed to the token’s growth, with the number of large transactions (over $100,000) skyrocketing from 19 to 126 in one day. This whale activity indicates increased interest from large investors.
Along with the increase in the number of whale investors and the increase in the number of transactions, there is also an increase in trading volume. CRO trading volume rose 340% to $1.21 billion, reflecting strong market confidence last week. Such high trading volume usually indicates strong market confidence and can help support rising prices as investor interest remains high.
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Last week, Crypto.com also entered into a partnership with Google Cloud, which also helped boost investor confidence. With Google Cloud serving as the primary validator on the Cronos blockchain, this collaboration is an important milestone.
High Cronos RSI indicates potential failure
While CRO price performance is gaining momentum, analysts believe that since the token’s Relative Strength Index (RSI-90) is high, this is a level that indicates the asset may be overbought. A high RSI often suggests that momentum may fade after a while, only to be followed by further gains later. Despite this, CRO remains optimistic as fluctuations are bound to occur with high investor interest.
At the time of publication, the CRO token price is $0.1575, down 2.7% in the last 24 hours. This indicates that the momentum has weakened, or you could say that a cooling period has begun. After this period, the token should gain momentum again.
As Cronos continues its upward trend with a cooling-off period before the real surge begins, investors remain optimistic that increased whale activity and strategic partnerships will drive further CRO growth.
