Swarms Price Skyrockets 180% in a Week, as Binance Launches Swarms Perpetual Contract Trading
Highlights:
- Swarms price soars 13% to trade at $0.4679 as trading volume spikes.
- The spike in Swarms price comes following Binance’s launch of Swarms perpetual contract trading.
- Significant whale activity in Swarm could suggest a strong belief in the token’s future value.
The Swarms price has gone ballistic, soaring 13% at press time to trade at $0.4679. Its daily trading volume has spiked 163% to $385 million, suggesting increased investor confidence. SWARMS is now up 181% in a week. Earlier today, Swarms had surged over 70%, briefly surpassing a $600M market cap. This came following Binance’s launch of Swarms perpetual contract trading.
📣JUST IN: @binance just announced the launch of $Swarms perpetual contract trading, but the news didn't boost its price further.
After the announcement, $Swarms quickly dropped nearly 20%, with the market cap now falling below $500M. Earlier today, $Swarms had surged over 70%,… pic.twitter.com/JPBcvat9hG
— Followin (@followin_io) January 7, 2025
After Binance announced the listing of Swarm’s perpetual contracts, a whale created a new wallet and withdrew $2M USDC from Binance to buy 3.58M $SWARMS. This transaction was executed at an average price of $0.559 per $SWARMS. The whale’s decision to accumulate significant $SWARMS could suggest a strong belief in the token’s future value.
Whales haven't stopped buying $swarms!
Someone created a new wallet and withdrew 2M $USDC from #Binance to buy 3.58M $swarms.https://t.co/xdkbb12Nv8https://t.co/tyuwgz27Do pic.twitter.com/YTxb1cutzH
— Lookonchain (@lookonchain) January 7, 2025
Swarms Statistical Data
Based on CoinmarketCap data:
- SWARMS price now – $0.4679
- Trading volume (24h) – $385.61 million
- Market cap – $469.79 million
- Total supply – 999.98 million
- Circulating supply – 999.98 million
- SWARMS ranking – #216
Swarms Price Soars Within a Parabolic Curve
The Solana blockchain is becoming one of the top chains to watch, and AI tokens, including Swarms, will benefit from this. Looking at the Swarms/USD pair in the 4-hour timeframe indicates a slight pullback. However, the bulls seem to be back in control. The price movement follows a sharp parabolic curve, indicating aggressive upward momentum fueled by high demand and strong market sentiment.
A minor support level is established at $0.2277, which aligns with the 50-day Moving Average (MA). The price’s significant distance above this support level reflects the strength of the ongoing bullish trend. Moreover, the absence of the 200-day MA indicates the asset might be relatively new or the timeframe is too short for the indicator to be meaningful. Meanwhile, the odds lean towards the upside, giving the bulls the upper hand.
The RSI (Relative Strength Index) has dwindled from the 70-overbought region, currently at 62.52. This suggests that early profiteering commenced in the market, leading to a slight pullback for the bulls to sweep through enough liquidity.
On the other hand, the MACD (Moving Average Convergence Divergence) is strongly positive, with the MACD line (0.0808) crossing above the orange Signal line (0.0731). The histogram prints green bars, showing bullish momentum and increased buying interest.
What Next for Swarms Price?
Based on the 4-hour chart timeframe, Swarm’s price upholds a bullish picture, showing increased buying interest. Despite the slight pullback, the bulls still control the market. Meanwhile, the SWARMS price could rally if the bulls capitalize on the RSI and buy signal from the MACD indicator. In such a case, the gains could extrapolate to $0.62.
On the downside, if the pullback continues, the $0.2277 minor support zone will cushion against downward pressure, representing a zone of previous accumulation and strong buyer interest.
eToro Platform
Best Crypto Exchange
- Over 90 top cryptos to trade
- Regulated by top-tier entities
- User-friendly trading app
- 30+ million users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
View full profile ›ℹ️About Crypto2Community's Editorial Process
Crypto2Community's editorial policy is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict editorial policy and sourcing standards, and each page undergoes diligent review by our team of top crypto industry experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
