PIPPIN has surged sharply in the latest sessions, which has raised interest across the market. The altcoin's latest price rally has brought the price close to its all-time high, increasing expectations for a new record.
However, as the sentiment strengthens, concerns about profit-taking and short-term selling pressure are also increasing.
PIPPIN withdrawals can change the outcome
Blockchain flow data shows caution among private investors. The Chaikin Money Flow has dropped below the zero line and moved into negative territory. This change indicates that PIPPIN outflows are beginning to exceed inflows, suggesting an early distribution phase rather than accumulation.
Rising outflow data apparently relates to investors taking profits following the recent rise. As the price approaches record levels, traders generally reduce their positions to manage risks. This action can dampen sentiment, even if the markets are otherwise in a bullish phase.
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Although retail investors are cautious, the activity of whale wallets continues to support the rise. Wallets holding over a million dollars worth of PIPPIN increased their holdings by 3.57% in the last 24 hours. Whale ownership now stands at approximately 425,34 million PIPPIN.
Large holders often influence short-term price development due to their capital. Continuous accumulation by whales indicates confidence in a price increase. Their actions can balance private investors' selling and support price development during volatile times.
PIPPIN is trading at around $0.497 at the time of writing, which is 38% higher than a day ago. The token is now less than 7% away from its all-time high of $0.530. Sentiment remains strong, and large holders have continued to buy.
A successful breakthrough above $0.530 would likely attract more speculative demand. Once the all-time high is broken, we could rise towards $0.600. Sustainable volume above the resistance level would support new price formation and the emergence of new highs.
The risk of a decline increases if selling pressure intensifies. If the current levels do not hold, PIPPIN could drop below the support level of $0.434. A deeper dip towards $0.366 would negate the upward outlook and shift the focus back to consolidation instead of growth.
