Shiba Inu price action has been choppy for months, but fresh data suggests the tide may be turning. Analyst Crypto Zayn points to a significant drop in SHIB token exchange reserves, now sitting at 84.55T tokens valued at around $998M. This is the lowest level since 2023, a milestone that often signals major shifts in market behavior.
When tokens leave exchanges, holders often move them into wallets or staking. This lowers supply on trading platforms. With fewer tokens to sell, the chance of heavy sell-offs drops. Crypto Zayn explains that big reserve drops have often come before accumulation phases, when long-term holders buy more ahead of rallies.
The chart he shared shows how SHIB price has struggled under a descending resistance trendline. If the breakout confirms, Zayn believes October could be the start of what many in crypto circles call “Uptober,” a month where digital assets frequently see strong rallies.
Technical Breakout Adds To Shiba Inu Price Optimism
Another analyst on X, Blacksea, sees the same setup from a different angle. His chart shows SHIB price breaking above a clear downtrend line on the 4-hour timeframe. While the move is still early, he suggests that a close above the trendline could open the door for higher levels in the short term.
In simple terms, SHIB price has been trapped under downward pressure for weeks. Now that the SHIB token is testing this breakout area, momentum traders may step in. The zone around $0.00001150 to $0.00001200 becomes crucial, as it could act as a launchpad if buyers defend it.
Blacksea’s chart paints a scenario where SHIB price consolidates briefly before making a larger push upward. The projection targets show potential moves toward $0.00001300 and beyond if volume supports the breakout.
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The combination of shrinking exchange reserves and a technical breakout makes SHIB token one to watch closely this October.
Crypto Zayn emphasizes the supply side, while Blacksea focuses on the chart structure. Together, their insights suggest that SHIB holders are positioning ahead of what could be an Uptober rally.
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