Although cryptocurrency lending company, Celsius Network, has faced huge problems in the past, the token price has grown 90.30% since the beginning of August.
Source: TradingView
The price started to rise around August 8 and continued to do so until the price tested the $ 4.14 resistance line. Subsequently, the token continued to respond to the overall bearish sentiment in the market. And it stabilized around the $ 2.15 support line.
The price could go positive once again and one reason could be the growing interest in the whale demise.
According to WhaleStats CEL in the previous 24 hours has risen to the top ten in terms of trading volume among the 500 largest ETH whales.
If the whales remain interested, it could mean good news for long-term CEL holders.
The growing interest in whales isn’t the only thing the CEL token has in its favor. Well, there has also been a sharp increase in its market cap.
Source: Messari
The increase in market capitalization coupled with a sharp increase in volume could indicate a positive outlook for the token going forward.
Another point of interest for investors could be the peak of the token’s sharpe ratio. Remember, a token with a higher Sharpe ratio is considered superior to its peers
Source: Messari
The metrics appear to be in favor of the token. But there have also been some interesting developments on the Celsius side. This could be a net positive for the token price and for the company itself.
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The cryptocurrency lending giant has invested $ 40 million in its Bitcoin mining rigs and its chief financial officer Chris Ferarro believes the company will be profitable by January.
The judge overseeing the Celsius bankruptcy case has given the lending company permission to sell their newly minted Bitcoins.
If this process finds it profitable, the Celsius company can get back on its feet and the price could follow suit as well.
Although Celsius has obtained permission to sell its Bitcoins, it remains to be seen whether the move will have a positive influence on the token itself.
Additionally, the increased interest in whales makes traders vulnerable to snags. Consequently, investors and traders should be careful before investing in CEL.