The recent price movements of Rocket Pool (RPL) have caught the attention of investors and analysts alike. As of 12.50 pm ET on Friday, RPL was trading around $46.60 – a 2.4% decrease in the last 24 hours. The cryptocurrency has faced fresh downside pressure near $45, and bulls are attempting to turn it into a new primary support zone.
RPL is among the Altcoins that rallied hard when Ethereum activated the Shapella upgrade. CoinJournal highlighted on 14 April that Rocket Pool, Arbitrum, and Loopring were among the Altcoins that swelled as Ethereum broke out to $2,100 after the Shapella upgrade. The increased buying pressure saw Rocket Pool’s RPL soar past its previous peak amid the profit pivot to Altcoins, with the Atlas upgrade inching closer.
According to crypto market intelligence platform Santiment, the Rocket Pool price dumped as whales took profits right at the local top. On 16 April 2023, RPL reached its all-time high of $61.87 before the momentum faded. The cryptocurrency continues to see large whale volumes, with 70 transactions that involved more than $100,000 worth of RPL. The 70 transactions signaled the top for the Rocket Pool price and are the second-largest whale dump for RPL, after the 111 large transactions involving more than $100k made on 8 November 2021. At the time, RPL price had hit its then all-time high of $59.47.
Santiment’s revelation of the top being signaled by the RPL whales is critical information for investors who follow this cryptocurrency. Though Rocket Pool’s native token has experienced a 14% increase over the past month, it has shed over 25% from its recently hit all-time high due to declines over the past two days. In terms of short-term Rocket Pool price predictions, further weakness in the market could see the token’s price hurtle towards $38 or lower.
In conclusion, the RPL whales have signaled the local top of Rocket Pool’s price based on the on-chain data from the crypto market intelligence platform Santiment. The cryptocurrency has since faced fresh downside pressure near $45, and bulls are attempting to turn it into a new primary support zone. With these developments, investors in Rocket Pool should stay alert and closely monitor the market to make informed decisions.