EOS skyrockets amid Vaulta's rebranding announcement
On Wednesday, Vaulta announced that EOS will be renamed to A, with a 1:1 token exchange as part of the project's transformation. This news sparked renewed investor interest, leading to a sharp increase in the influx of EOS into spot markets on Wednesday. According to Coinglass, the influx amounted to $3.49 million, marking the highest one-day figure since December 3rd.
Such an influx growth in the spot market indicates that more investors are buying the asset on regular markets, reflecting increased demand and optimistic sentiment. Although price increases have led to a net outflow of $195,290 from EOS spot markets today, as traders take profits, the increasing daily trading volume of the token indicates ongoing buyer activity.
At the time of writing, the daily trading volume of EOS exceeds $480 million, increasing by 270% today.
When the asset price and trading volume rise simultaneously, it indicates strong bullish sentiment in the market. This dynamic reflects increased investor interest in EOS and may lead to further price increases and heightened market activity.
Additionally, the smart money index shows that institutional accumulation is on the rise. On the daily chart, the SMI for EOS has reached a five-month high of -11.86.
The increase in the indicator suggests a rise in buyer activity, indicating growing confidence in the asset and the likelihood of a prolonged rally.
EOS Forecast: Is a rise to $0.98 possible?
At the time of publication, EOS is trading at $0.83, below the key resistance level at $0.85. If bullish pressure persists and this level becomes new support, it could push the price of the EOS token up to $0.98 — the highest level last recorded on January 18th.
