GMX Soars 20% in 24 Hours as Crypto Whales Accumulate, Preparing for a Breakout Above $60

GMX, the native token of decentralized perpetual exchange GMX, has soared over 20% in the past 24 hours. The surge was seemingly fueled by a crypto whale

The native token of decentralized perpetual exchange GMX, soared over 20% in the past 24 hours. A crypto whale move ignited the community’s positive sentiment towards the token. Some analysts believe GMX might be preparing for a breakout above the $60 mark.

GMX Surges Over 20%, Whale Activity Fuels Price Hike

GMX, the native token of the decentralized perpetual exchange, soared over 20% in the past 24 hours. The token’s surge began on Wednesday as it rose from the $36 price range to the $42 mark.

This surge appears to have been driven by a crypto whale move that sparked a rally in the token’s price. According to reports, a whale withdrew over 85,000 GMX tokens from crypto exchange Binance. The funds were sent to a fresh wallet, boosting the price surge.

The whale withdrew 84,515 GMX, worth around $3.77 million, in five transactions for an average price of $43.07. This move propelled the price from $40 to $44 in the following hours. Moreover, the price jump resulted in over half a million in unrealized profit for the crypto investor.

Similarly, another report highlighted a wallet that received 72,300 GMX tokens from Binance. The wallet now holds 82,768 GMX, around $3.69 million.

However, the token’s surge had started before the reported whale activity. GMX investors appeared to be optimistic about the altcoin’s price movement.

On Wednesday, GMX rose from the $36 price range to the $42 mark. This surge fueled the community’s positive sentiment, and the token continued to rise throughout the day.

GMX Price Analysis: Key Support, Resistance Levels

In the past 24 hours, GMX rose 22.2%, trading above $44 now. The recent performance represents a 26% and 76.3% price increase in the weekly and monthly timeframes. Moreover, it has registered a surge in its market activity, registering a 121% daily trading volume increase in the last day.

Crypto Analysts Bullish On GMX, Target $60

The token’s performance didn’t go unnoticed by crypto analysts. The market watchers expressed their bullish sentiment towards GMX and set a short-term target.

According to Daan Crypto, GMX seems to be running back to “turbo mode.” The token is currently up 2x from its bottom, registered in April of this year. Moreover, GMX is “trading back above the daily 200MA/EMA.”

To the analyst, the $41 support zone will be a key level to hold going forward. He also considers the $60 price range a good target for the token’s bullish momentum.

Crypto trader and analyst JJcycles also weighed in on GMX’s performance. The trader highlighted a bullish flag pattern on the token’s chart. Per the analyst, GMX is “nicely reversing into the beginning of the third wave.”

JJcycles also pointed out the token successfully broke out of the $40 resistance level in the following hours. To the trader, it looks like GMX printed the bottom in April when it went as low as $22.

Additionally, he called out those who capitulated within the bottom accumulation range, including Arthur Hayes. “Just like it is supposed to be, capitulators are in pain,” wrote the analyst.

As reported by NewsBTC, the BitMEX founder was the largest individual holder of GMX, with over 230,000 GMX tokens. In April, Hayes capitulation after sending all his GMX holdings to an address linked to crypto algorithmic trading firm Wintermute Trading.

At the time, GMX investors criticized the transaction, suggesting that the altcoin was “in that buy zone again.”