STORJ Price Reclaims $0.50 Territory as Whales Move Tokens Into Self-Custody
The price of STORJ has reached a new 2023 peak of $0.52, reclaiming the $0.50 territory for the first time since September 2022. This surge in price can be attributed to two main factors: the global demand for affordable cloud storage and the movement of STORJ tokens by whale investors into self-custody.
What is STORJ and What’s Behind the Recent 120% Price Rally?
STORJ is an open-source cloud storage protocol that provides decentralized cloud storage infrastructure. Users who participate in the network as space providers receive STORJ tokens in exchange for their bandwidth and storage capacity.
Recent on-chain analysis has revealed that several whale wallet addresses have been withdrawing millions of STORJ tokens from centralized exchanges and opting for long-term self-custody. This not only enhances security for the investors but also reduces market supply significantly.
The Exchange Outflow Wave Has Spread Across the Ecosystem
Other strategic investors have followed suit and mirrored the exchange outflow trend of whales, further intensifying the price rally. On October 8, the number of STORJ exchange outflows exceeded inflows by 7.31 million tokens, a level not seen since March 2021 when STORJ reached an all-time high price.
Storj Price Prediction: $0.70 is Within Reach
The entry price distribution data indicates a neutral price consolidation, with support and resistance clusters influencing the current trend. However, increasing exchange outflows could favor the bulls and potentially push the price to $0.70. Holders who bought at higher prices may sell once the price crosses $0.60, but if confidence is boosted by the outflows, they may hold out for higher profits.
On the other hand, if the price falls below $0.30, it could lead to a reversal. However, there is a significant cluster of addresses that bought at the minimum price of $0.45, and if they hold their tokens, it could result in an immediate rebound.
Hot Take: STORJ Price Surges as Whales Move Tokens Off Exchanges
The recent surge in STORJ price can be attributed to two key factors: the growing demand for affordable cloud storage and the movement of tokens by whale investors into self-custody. This shift reduces market supply and has contributed to a 120% price rally in the last 30 days.
The trend of exchange outflows by whales has spread across the ecosystem, with other strategic investors following suit. This has further intensified the price rally and suggests growing confidence in STORJ’s long-term prospects.
Based on historical on-chain data trends, STORJ holders can anticipate further price gains in the weeks ahead. A target of $0.70 is within reach if exchange supply continues to dwindle and investor confidence remains high.
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