NOIDA (CoinChapter.com)—The Shiba Inu price has surged nearly 12% since Oct. 28 before the rally cooled down on Oct. 30. The token likely rode the wave of bullish market conditions, which have fueled gains across the broader crypto sector.
The market’s optimism has spilled over into the SHIB ecosystem, reflecting increasing interest from both retail and institutional investors. Positive on-chain data and an uptick in whale accumulation have reinforced the token’s bullish momentum.
Whale Accumulation and Open Interest Spike Signal Bullish Potential
Recent on-chain data shows key bullish signals for SHIB, particularly in whale activity and futures market dynamics.
Shiba Inu token supply distribution by balance of addresses. Source: SantimentAccording to Santiment data, wallets holding between 1,000,000 and 10,000,000 SHIB coins have steadily increased their holdings over the past few weeks, suggesting increased interest from medium-sized investors.
Additionally, a slow recovery in holdings by whale wallets (100,000,000 to 1,000,000,000 SHIB) points to possible consolidation before a larger move.
SHIB futures open interest. Source: CoinglassMeanwhile, Coinglass data highlights a strong surge in SHIB futures open interest (OI), which jumped from under $10 million to around $30 million on Oct. 29, 2024. The spike in OI and positive funding rates indicate that traders are predominantly taking long positions on SHIB, signaling confidence in a bullish breakout.
Positive funding rates further strengthen this narrative, reflecting an increasing premium for long trades in the futures market.
These combined indicators suggest that SHIB’s recent gains may be supported by strong whale activity and increasing trader interest, positioning the token for potential further upside. However, the overall market sentiment will continue to play a significant role in the trajectory of this rally.
Bullish Setup Could Help Shiba Inu Price Rally
Meanwhile, a bullish technical setup, the ‘ascending triangle‘ setup, could help add bullish cues for the SHIB USD pair, especially after the token’s correction on Oct. 30.
SHIB USD pair formed a bullish setup with a 65% upside target. Source: TradingviewThe pattern occurs when a horizontal resistance line connects swing highs while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.
The significance of this pattern lies in the potential for a breakout. A surge in trading volume as the price nears the resistance level typically confirms the likelihood of a breakout above it.
The ascending triangle formation indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for the SHIB USD pair. This technical setup provides a clear framework for assessing potential price movements in the near term.
In technical analysis, the pattern’s price target is calculated by measuring its height and projecting it from the breakout point. For the Shiba Inu token, this calculation suggests a price target near $0.0000309, a 65% spike from the current level.
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