@Convex Finance ($CVX ) has reignited attention in August after a strong July pump, now showing signs of another breakout. The token’s chart is shaping a double bottom formation, a structure often tied to bullish reversals, signaling renewed momentum after a cooling period.
Whale accumulation has become the driving force behind this setup. Data from Arkham shows that 72.55% of $CVX supply is now concentrated in large wallets, marking a significant cut in sell-side liquidity. Alongside this, whale transactions have surged 61% week-over-week, a dynamic that historically precedes explosive rallies in mid-cap altcoins.
This heavy concentration creates a powerful bullish backdrop, as fewer tokens are available for immediate sale. At the same time, it raises the stakes — with whales in control, volatility risk runs high if positions unwind suddenly.
For now, the technicals and on-chain metrics align. $CVX is a holding structure, whales are loading, and sentiment is tilting bullish. Traders eyeing the double bottom are watching closely, with expectations building that Convex Finance could soon deliver its next major move.
TLDR:
Whales now control 72.55% of CVX, cutting liquidity and boosting sentiment. The chart shows a double bottom, signaling CVX is primed for a breakout — but whale dominance keeps volatility risk high.
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#MarketTurbulence #HotJulyPPI #REVABinanceTGE #DeFiGetsGraded #ConvexFinance
