As the price approaches breaking through a critical resistance level, whales have accumulated $3.5 million in SUNDOG.
SUNDOG surged 32% as whales withdrew $3.5 million and trading volume surged 204%.
As on-chain activity and indicators confirm the bullish bias, the price is expected to surpass $0.079.
Whale users actively accumulated SUNDOG [SUNDOG] and withdrew more than 69 million tokens worth $3.56 million from Bybit. The withdrawal involved two new wallets and two possibly related wallets.
The surge in whale activity coincides with an ongoing 32.73% daily price increase. At press time, the token is trading at $0.06909.
When prices and accumulation rise together, it often signals a stronger rally.
Therefore, if accumulation continues, it may validate bullish expectations. This sets the stage for increased speculative activity and short-term upside potential for the coin.
Are traders making big bets?
SUNDOG's derivatives indicators show a sharp rise in speculative interest.
Derivatives trading volume surged 204.89% to $29.66 million, while open interest rose 43.82% to $15.07 million. These figures indicate traders’ growing demand for leverage.
In addition, the increase in volume and open interest indicates that confidence in recent bets is strong. The increase in volume and open interest reflects the market's confidence in the continuation of recent price increases.
The OKX liquidation heatmap confirms that there was a massive sell-side liquidation around $0.07. As the price broke through this area, the liquidations triggered an aggressive short squeeze.
As a result, this move forced many traders to exit, thereby accelerating the upward pressure.
Interestingly, another cluster of liquidations is located around $0.075. Hence, if the bulls continue to apply pressure, fresh liquidations may accumulate, further accelerating the upward momentum.
Can the bulls break out? Future targets are $0.079 and $0.12
At press time, SUNDOG stock is approaching a critical resistance level near $0.079. A confirmed breakout above this area could see the price move further towards $0.12.
From a technical perspective, the MACD indicator has shown a bullish crossover, indicating a strengthening momentum. In addition, the 9-day moving average has crossed above the 21-day moving average, confirming a bullish moving average crossover.
These two signals together suggest that the trend structure is improving. However, failure to reclaim and hold above $0.079 could trigger a short-term retracement.
However, indicators currently still favor the continuation of bullish momentum if trading volumes remain stable.
Address activity shows growing interest
On-chain activity indicates a general increase in user engagement. The number of new addresses jumped 171.43%, and the number of active addresses climbed 76.19% in 7 days.
The number of zero-balance wallets also rose by 123.81%, indicating the creation of new wallets and increased activity. Increased participation fundamentally supports price movements.
If this trend continues, it could bolster bullish sentiment.
Volatility has cooled.
SUNDOG’s 30-day volatility fell to 116.68%, the lowest level in a month.
This suggests that price action will stabilize. In an uptrend, low volatility often supports clearer breakouts.
Therefore, the current setup is favorable for the trend to develop. This calm backdrop provides a launching pad for stronger moves.
However, a sudden drop in trading volumes could dent momentum.
Can SUNDOG sustain its bullish trajectory above $0.07?
Momentum, whale accumulation, and on-chain growth have supported SUNDOG’s recent surge. If the price breaks above $0.079 with increasing volume, $0.12 will be realistic. However, failure to hold current levels could trigger a consolidation.
However, as traders and whales are aligned, the market trend favors bulls. As long as address activity and derivatives trading volumes remain high, SUNDOG is likely to continue its gains in the coming sessions.