Curve DAO (CRV) has slightly declined on Wednesday after posting a 3% gain in the previous session.
While the coin has slightly retraced, it has added 6% to its value in the last seven days, supported by improving on-chain metrics and declining selling pressure, all of which point to strengthening investor confidence.
Exchange supply falls as whales increase holdings
On-chain data suggests selling pressure is beginning to ease.
According to Santiment, the percentage of CRV tokens held on cryptocurrency exchanges has declined to 11.87% of the circulating supply, down from 12.34% recorded on June 17.
Lower exchange balances are generally viewed as a bullish signal because they indicate fewer tokens are readily available for sale.
At the same time, large investors have continued accumulating the token.
The total holdings of Curve DAO’s largest wallets increased to approximately 1.38 billion CRV, compared with 1.37 billion on June 10, suggesting whales are gradually increasing their exposure.
Another positive indicator is the rise in the percentage of CRV supply currently in profit, which climbed from 4.20% to 6.21% in just one day.
This reflects improving market sentiment as more holders move into profitable positions.
Meanwhile, the Curve DAO network has surpassed 100,000 holders, highlighting continued adoption despite broader market volatility.
However, derivatives data show declining interest from retail traders.
According to CoinGlass, CRV futures open interest dipped by 1% over the past 24 hours, indicating that traders are closing leveraged positions.
Meanwhile, funding rates have also remained positive at approximately 0.0062% throughout the week, suggesting that long-position traders are willing to pay a premium to maintain bullish bets.
CRV price forecast: $0.2232 breakout could open door to $0.2608
Technical analysis shows that Curve DAO continues to build bullish momentum despite the recent retracement.
The coin has reclaimed its 50-day Exponential Moving Average (EMA) at $0.2129 and could retest the $0.2232 resistance in the near term.
A decisive daily close above this resistance could confirm a breakout, allowing the bulls to target $0.2608.
The next major hurdle lies at the 200-day EMA of $0.2814.
A successful move above these levels would further strengthen the medium-term bullish outlook.
While CRV has slightly declined, technical indicators continue to support the positive price action.
The Relative Strength Index (RSI) has climbed to 59, indicating healthy bullish momentum while remaining below overbought territory.
Meanwhile, the Moving Average Convergence Divergence (MACD) continues trending higher, with a rising signal line and expanding bullish histogram, suggesting buyers remain firmly in control of the current trend.
If the rally loses momentum, traders will likely monitor the first major support level at $0.2129, which is also the 50-day EMA.
Failure to defend this level could see CRV extend its decline towards the $0.1933 retracement,
Holding above these levels would help preserve the current recovery and maintain the possibility of another attempt to break above $0.2232.
Curve DAO is showing early signs of renewed strength as exchange balances decline and whale accumulation increases.
A confirmed breakout above $0.2232 would reinforce the bullish trend and could trigger a move toward $0.2608, representing roughly a 17% upside from current levels.
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