Time to Buy LAYER? Whale Withdrew $5.63 Million Solayer Tokens from Binance

Solayer (LAYER), a new cryptocurrency, is attracting massive attention from crypto traders. Today, a whale drew curiosity after he created a new wallet and amassed huge amounts of LAYER tokens.

Whale accumulates 5.5 million Solayer

According to data reported by Onchain Lens today, the whale created a new wallet and withdrew 5.5 million Solayer tokens (worth $5.63 million) from Binance.

This withdrawal by the whale shows that crypto long-term holders and savvy investors are showing robust interest and confidence in this new token.

Data according to CoinGecko shows that LAYER has experienced a 77.90% increase in trading volume over the past 24 hours. This suggests that big crypto holders are activity participating in the token and capitalising on the current prices, hoping for future potential price growth.

This withdrawal signifies that smart investors are not just targeting prominent projects, but also look for potential newer and lesser-known coins.

LAYER price updates

Solayer has been on an uptrend since its launch two weeks ago. Looking at its technical chart, the asset’s price has been seeing significant upward momentum over the past two weeks. Its value has been up 34.8% and 19.2% over the past two weeks and seven days ago respectively. Today, LAYER’s price is currently trading at $0.9011, after seeing a rise of 0.8% over the past 24 hours.

Some technical indicators are showing signs of a further upside trend. This price growth shows that buyers are increasingly buying the token. The price action has attracted heightened interest from investors, who are capitalizing on LAYER’s early prices. They accumulate more tokens as they are optimistic for future greater prices.

Another significant contributor to LAYER’s price movement is the heightened activity in its derivative market. Open Interest (IO) for LAYER has surged to $30.49 million, after registering an 8.75% increase over the past 24 hours. The transaction volume in the derivatives markets has increased by 70.67%, climbing to $352.06 million, according to Coinglass data.

Whales, who are taking advantage of the early prices of this cryptocurrency to amass tokens, are creating rising buying pressure. If this trend continues, LAYER could cause a greater uptrend in its price, especially as the asset shows signs of breaking major resistance zones.

With the ongoing wave of buying activity, the current price is primed climb to above the resistance levels of $1.2 and $1.8, potentially heightening the upward momentum.