Whale Activity Drives Cronos (CRO) to $1.2B in Trading Volume Amid 45% Surge

Cronos (CRO), and its associated Cronos EVM chain, has recently surged to a 30-month high of $0.23, thanks to a notable increase in whale activity.

The token has experienced a dramatic 186% rally over the past week and a 45% gain in the last 24 hours, reaching a price of $0.205 at the time of writing. With this impressive rally, CRO's market capitalization has now risen to approximately $5.46 billion, positioning it as the 24th-largest cryptocurrency by market cap.

This marks Cronos' highest price point since May 2022, reflecting strong momentum driven by large investors, or "whales." Trading volume has surged by 340%, reaching an astonishing $1.21 billion, as whale transactions—defined as transfers involving at least $100,000 worth of CRO—spiked from 19 to 126 in just one day, according to data from Santiment.

Whale Activity Points to Bullish Sentiment

The sharp increase in whale activity suggests that large investors are positioning themselves for further upside, which could indicate a bullish market sentiment for Cronos. However, the price surge has led to a significant spike in Cronos' Relative Strength Index (RSI), which recently hit 90. The RSI reading suggests that CRO may now be in overbought territory, raising the possibility of a short-term cooldown before any continuation of the upward trend.

Positive Sentiment Despite Decline from All-Time Highs

Despite the recent rally, Cronos is still down roughly 78% from its all-time high of $0.969, reached in November 2021. However, sentiment around the asset remains strong, with positive news contributing to the bullish outlook. The weighted sentiment for CRO is still high, indicating that many investors remain optimistic about the token's future prospects.

Further data from Santiment reveals that the total funding rate for CRO on derivatives exchanges has dropped from 0.13% to 0.001% over the past two days, signaling a cooling off in market activity. This decrease in funding rates may be followed by short liquidations, which, in typical market conditions, could push the price of CRO higher.

Growing Accumulation and Strong Partnerships

Additionally, Cronos has experienced a net outflow of 63 million tokens from exchanges in the past 24 hours, pointing to increased accumulation by long-term holders. This trend suggests that investors are building positions in anticipation of further price appreciation.

A significant catalyst for the recent surge in CRO's price has been the announcement of Cronos’ partnership with Google Cloud, which has made Cronos its primary validator on the platform. This partnership could potentially open up new growth opportunities for the Cronos ecosystem, further fueling investor optimism.