Highlights:
- SAFE in a breakout after a rally through $1.490 resistance
- A continuation of this rally could see SAFE rally to $2 short-term
- Listing on Upbit and a bullish broader market could send SAFE to $2
Safe (SAFE) is one of the top-performing cryptocurrencies today. At the time of going to press, SAFE was up by 15.60% to trade at $1.5499. Looking at the charts, volumes are on the rise as well. In the last 24 hours, SAFE volumes have been up by 567.73%, hitting a high of $327.96 million.
Advertisement
This is a 45.98% volume to market cap ratio, an indicator that investor interest in SAFE is on the rise and that FOMO is building up. This means the rally SAFE has built up so far is only getting started.
More Top Cryptocurrency Exchanges Listing SAFE
There are a lot of trigger factors for SAFE at the moment. One of them is the growing number of exchanges that are listing SAFE. The latest to list SAFE is Upbit, which has announced the listing of SAFE/USDT. This is a big deal as most of the SAFE traded at the moment is through top exchanges.
$SAFE is currently trading $200m+ volume on Upbit, surpassing Gateio which follows it with almost 8x, trading at $28m 24h volume.
Upbit is the largest cryptocurrency exchange in South Korea, in terms of volume and customer base, so wdyt. https://t.co/FyjcICp4uG
— Arfad 🏁 (@Arfad0x) October 25, 2024
Data indicates that the top-five buyers of SAFE bought about 1.356 million SAFE tokens, totaling $2.24 million. This happened through exchanges like ByBit and OKX. This means that the addition of Upbit could drive more buyers into SAFE, a fact that could add to the buying pressure that SAFE has experienced so far.
More Whales Buying SAFE
SAFE is also boosted by the fact that whale buyers are not only on the rise, but also the fact that most of them are increasingly in profit in the short term. In an explosive bull market, many whales being in profit could mean an impending selloff. However, the broader market is currently in the early stages of a bull market.
This means any whale in profit is unlikely to sell their SAFE holdings. With whales now getting an easier avenue to buy SAFE, the number of whales buying SAFE is on the rise. This creates the perfect setup for a SAFE rally in the short to medium term.
SAFE Wallet Goes Multi-Chain Enhancing Ease of Investment
SAFE is also boosted by the fact that its wallet is going multi-chain. Through the multi-chain wallet, users can now send their SAFE tokens across multiple chains. With this feature, SAFE users do not have to deal with the high fees of most layer-2 solutions.
🔥 Safe{Wallet} Goes Multichain: Gasless Deployment with the Same Address Across Multiple Chains ! 🔥
Deploy your account effortlessly across 15+ networks with a single click—using the same address on every chain.
No gas fees on major L2s — it's never been easier to go… pic.twitter.com/08Nu7i8mmi
— Safe (@safe) October 24, 2024
Not only does this attract new investors to buy into SAFE, but it also makes it easier for SAFE to keep expanding into new networks over time. It could be a game-changer as more investments into SAFE at a time when the broader market is rising could see SAFE go parabolic in the short term.
Low Token Supply
SAFE is also boosted by the fact that it has a pretty low supply relative to most meme coins. It has a total supply of 1 billion tokens, compared to most meme coins that have their total supply in the trillions of tokens.
It is a factor that could play a role in sustaining SAFE’s rally especially now that bullish momentum is building up across the market. The low supply gives SAFE a realistic chance of hitting prices as high as $10 in the foreseeable future.
Technical Analysis – SAFE Price Rallies Through Critical Resistance
From the charts, SAFE is in a breakout after rallying through the $1.4920 resistance in the day.
If bulls hold momentum, and SAFE closes above the $1.4920 resistance, then a rally to $2 or higher could follow over the weekend. With the kind of momentum it has built up so far, the odds of a SAFE correction intraday are low.
Recap – All Factors Point to Higher Prices
Overall, the SAFE breakout today could be a precursor to a potential rally to prices above $2. With Bitcoin sending bullish signals, and SAFE getting listed on more exchanges, the odds of a parabolic price move in the short term are quite high.
Advertisement
