The price of the decentralized exchange token GMX has skyrocketed by over 20% today, fueled by buying pressure from large investors. Analysts predict a potential move towards higher levels, as the token’s daily technical indicators align in favor of further upside.
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Whale Activity Sparks GMX Rally
According to on-chain data tracker Lookonchain, a fresh wallet withdrew 84,515 GMX tokens, worth approximately $3.7 million, from Binance over the past 7 hours. This substantial transfer suggests that a deep-pocketed entity, possibly a US-based player, is accumulating a position in the token.
Corroborating this observation, DeFi Man, a top crypto analyst, highlighted the impact of these large market buys, stating, “Looks like some US big player is buying $GMX with size. Lately they execute some big market buys altering price a lot. You really love to see it.”
Read also: Here’s Why Stacks (STX) Price Is Pumping
GMX Price Predictions
Daan Crypto Trades offered a technical perspective on the current GMX price action. He noted that GMX has doubled from its recent lows and is now trading above the daily 200MA/EMA.
Holding the $41 mark is crucial for maintaining bullish momentum. “Important to hold ~$41 going forward. $60 is a good target for now I think,” Daan Crypto Trades advised his followers.
Similarly, Bull Run ₿lackmore pointed out that the daily EMA configuration for GMX has turned bullish. He projected a move back to $60, identifying this level as a significant resistance point.
Moreover, breaking through this resistance would be a notable achievement, although it might not happen on the first attempt. “Move back to $60 is definitely coming soon,” he asserted, emphasizing the importance of this price level.
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Show more +Market Outlook
According to CoinGecko, a leading crypto data aggregator, GMX is currently trading at $44.56, representing a 20.88% rise in the last day and a 26.53% surge over the past week. The token’s daily trading volume stands at $110.9 million, indicating heightened investor interest.
As the broader crypto market gains bullish momentum, tokens like GMX, which offer innovative decentralized exchange solutions, are gaining traction among investors seeking exposure to promising projects.
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