PIPPIN has surged dramatically in recent periods, generating renewed interest across the market. The recent rally of this altcoin has pushed the price close to its all-time high, increasing expectations for a new record.
However, as momentum strengthens, concerns regarding profit-taking and short-term selling have also increased.
Whales may change the outcome.
Transaction flow data on the blockchain indicates increased caution among retail investors, as the Chaikin Money Flow has dipped below zero, entering negative territory. This change suggests that outflows from PIPPIN have started to exceed inflows, reflecting early signs of distribution rather than continued accumulation.
The increased outflow seems to be linked to investors locking in profits after the recent rally. Typically, when prices approach new highs, traders often reduce their holdings to mitigate risks. This behavior could slow down the momentum even though the overall market remains bullish.
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Despite signs of caution from retail investors, whale activity continues to support the market. Wallets holding PIPPIN worth more than 1 million USD have increased their holdings by 3.57% over the past 24 hours, while the total supply held by whales is approximately 425.34 million PIPPIN.
Large coin holders usually impact short-term price trends due to their capital size. Continuous accumulation of coins by whales indicates confidence that the upward trend will continue, and their behavior can offset selling pressure from retail investors, helping to keep the price structure strong amid volatility.
PIPPIN is currently trading near 0.497 USD, reflecting a 38% increase over the past 24 hours. This coin is less than 7% below its all-time high of 0.530 USD. The momentum remains strong, supported by ongoing buying interest from large holders.
If a breakout above 0.530 USD occurs successfully, it may attract additional speculative demand. Additionally, surpassing the all-time high could pave the way for a level of 0.600 USD. Sustained trading volume above resistance will support continued price discovery and the creation of new highs.
However, there remains a downside risk if selling pressure accelerates, as failing to maintain the current price level could lead PIPPIN to breach the support at 0.434 USD. If a deeper correction occurs down to 0.366 USD, the upward trend would be invalidated, shifting focus back to accumulation instead of price expansion.
