Jasmycoin (JASMY), one of the more talked-about cryptocurrencies in recent weeks, experienced a significant surge in whale activity before its price rally hit a temporary stall. As of December 2024, the coin surged to a local high of $0.059, driven in part by increased interest from large investors, often referred to as “whales.” However, as the price reached these heights, profit-taking led to a brief pullback. The question on many investors’ minds is whether this marks the end of Jasmycoin’s uptrend or if the cryptocurrency is poised for another rally.

Whale Activity Surges in November and December

Over the past week, Jasmycoin witnessed an extraordinary increase in whale transactions, with large investors making significant moves. According to a post by user Brianq on Santiment Insights, JASMY was among the cryptocurrencies with a market cap exceeding $500 million. This is a notable milestone, signifying the growing attention the coin has received from institutional and high-net-worth individuals.

The surge in whale transactions saw a massive 616% increase in the number of transactions exceeding $1 million. This surge is often seen as an indicator of either profit-taking or a sign of massive accumulation, both of which can have significant implications for price movement.

Price Action and Demand Zones

Jasmycoin’s price recently tested local highs near $0.059, before retreating to lower levels. In the past five days, the coin has dipped to as low as $0.032, a key support level that has been identified as a demand zone based on price action earlier this year. Other notable demand zones around $0.04 have also been defended by buyers during this pullback, signaling that there is ongoing interest from investors at these lower price levels.

Technical analysis of Jasmycoin’s market structure suggests that, despite the recent retreat, the overall trend remains bullish. The market is still in an upward momentum phase, although the recent pullback has led to some uncertainty in the short-term. For the rally to continue, trading volume must pick up again as it has recently receded during the pullback.

Profit-Taking and Active Addresses

As Jasmycoin’s price surged, the number of daily active addresses saw a notable rise in both November and December. This increase in activity is typical of a strong rally, as rising prices draw greater interest from both retail and institutional investors. However, the rising activity was also accompanied by a decline in the mean coin age, a sign that many holders were cashing out profits.

The recent uptick in whale transactions is another indicator that profit-taking has played a role in the recent price movement. As the price approached its local highs, some large holders decided to sell off their positions, leading to a temporary halt in the rally.

Supply Distribution and Holder Behavior

Jasmycoin’s supply distribution further corroborates the idea of distribution occurring in late November and early December. Data from Santiment indicates that different cohorts of holders began to buy and sell at varying times over the past ten days. The 10k-10M wallet group, for example, started increasing their holdings on November 29, signaling a fresh wave of interest from mid-tier investors.

Meanwhile, wallets holding more than 10 million coins were net sellers until December 8, before reversing their position and beginning to increase their holdings again by December 9. This shift in behavior from large holders suggests that profit-taking is likely to have contributed to the price stall, but the continued accumulation by whales could signal that the bullish outlook is not entirely over.

What’s Next for Jasmycoin?

While the recent whale activity has caused a short-term pause in Jasmycoin’s rally, the overall outlook remains positive. A period of consolidation is likely in the short term as the market absorbs the recent price action. However, there are key indicators that suggest the uptrend may resume once consolidation ends.

Firstly, despite the pullback, Jasmycoin’s market structure remains bullish, with no signs of significant bearish divergence from key indicators like the Money Flow Index (MFI). Additionally, the price has held above key support levels, including the $0.032 and $0.04 demand zones, which could act as a springboard for future price movement.

In terms of whale activity, the continuation of large transactions in the coming weeks will be a critical factor in determining whether JASMY can sustain its upward trajectory. If whales continue to accumulate coins at lower prices, the stage could be set for another leg up, especially as retail interest in the coin increases.

The Road Ahead: Key Levels to Watch

For investors looking to navigate Jasmycoin’s next steps, there are several important price levels to watch. If JASMY can hold above the $0.032 and $0.04 support zones, the path to higher levels, including the previous local high of $0.059, remains intact. On the flip side, if the price breaks below these levels, further consolidation or a deeper correction could be in the cards.

Ultimately, the next few weeks will be crucial in determining whether Jasmycoin can continue its bullish momentum or whether the market will enter a period of prolonged consolidation. As always with cryptocurrencies, volatility is expected, but the recent surge in whale activity and bullish technical indicators suggest that JASMY still holds promise for long-term investors.

Conclusion

Jasmycoin’s rally has experienced a brief pause following profit-taking by large investors, but the long-term outlook remains positive. With strong demand at key price levels and ongoing whale interest, JASMY may well resume its upward trend in the coming weeks. Investors should watch closely for any signs of increased buying activity, as the market digests the recent price action and prepares for the next phase of the rally.