EigenLayer has renamed its platform to EigenCloud, while the token continues to trade as EIGEN. The project is attracting unusual attention, especially from large companies, following the recent rate cuts by the Federal Reserve, making it one of the top altcoins that cryptocurrency whales are currently buying.
On-chain data shows that whales have aggressively intervened in the last 24 hours. Their holdings increased by 6.05%, currently reaching 4.85 million EIGEN. Mega-whales have also increased, raising their balances by 0.1%, to approximately 1130 million EIGEN.
This increase in whale purchases could be linked to the overall rate environment. Lower interest rates are typically considered a favorable factor for yield-focused platforms, as investors seek higher returns beyond traditional savings.
On the charts, EIGEN has broken above an ascending triangle with gains exceeding 33% in the last 24 hours, a bullish setup that points to continuation. If the price stays above the breakout level of $2.14, targets extend towards $2.50 and even $3.20.
Still, risks persist. A drop below $1.73 would weaken the structure, and a move below $1.48 would completely invalidate the bullish outlook.
