Will $ALT rebound strongly in the short term or will it fall to the ground?

Alt is currently receiving quite a bit of conflicting opinions and is one of the most talked about launchpool projects.

So how do market manipulators control supply to drive prices?

According to Onchain data, about 3 days ago, Binance held approximately 533198564 million $ALT = $190.4 million (equivalent to 48% of the supply). It is worth noting that Binance alone currently holds 5.34% ownership, while other exchanges or large players hold less than 1%.

Based on this data, we can see that the game is in Binance’s hands and they are fully capable of manipulating the price, but the key question is whether they hold enough of the currency to drive the price.

In the previous process of pushing the price of $ALT, Binance needed to control about 510.6 million $ALT to push the price up by 50%. Currently, they hold about 533 million $ALT, and the amount of currency held is enough for Binance to push the price.

It’s entirely possible that they will push the price lower in the short term in order to acquire as much currency as possible, which will instead give $ALT a stronger push in the medium and longer term.

Since January 31st, there has been considerable buying power as the price dropped, with volume so far around $11 million. This purchasing power comes from market manipulators and small investors.

Most recently, on February 5, whale buying power was seen with a trading volume of approximately $1.5 million. Therefore, AltLayer has been purchased for approximately $12.5 million from January 31 to date.

Will AltLayer rise again soon?

There is every reason to believe that Altlayer will pick up in the near future.

Currently, there are two possible scenarios for Altlayer:

+) Scenario 1: Selling volumes taper off and $ALT may form support in the current 0.3 - 0.29 range and continue to accumulate before rising again.

+) Scenario 2: A stop-loss spot order will be placed, i.e. it may sweep 0.28 - 0.27 and then rise again.

personal opinion

At this point in time, there is absolutely no reason for Altlayer to drop significantly, especially with both Altcoin and $ETH currently quite stable. Just give the market manipulators and whales some time to continue accumulating.

Moreover, the intrinsic value (Restaking) of this token is already very good, and there is nothing to argue about. You can also pay attention to how its biggest competitor $DYM, which was just launched on Binance today, will develop.

Restaking will become a new trend, just like Defi in the summer of 2020.

In addition, in addition to Binance, Jump Trading is also a trader of this token. You can see how $MAV $PENDLE $TIA is manipulated by Jump Trading.

Short-term price target is $ALT 0.38 - 0.4

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