Is Hedera ready for a solid bull run amid HBAR’s whale activity

ambcrypto.com:

Hedera’s native cryptocurrency HBAR has finally found a new price floor after a bearish performance that has gone on for months. It bottomed out near the $0.060 price level in June and retested the same support line in the first week of July. However, the token is now showing signs of a major move after a relatively dormant performance in the last few days.

HBAR traded at $0.067 at press time, which is only a small margin a way from its support line. It has struggled to gather enough bullish momentum for a significant bounce back in the last few days, hence its sideways action. This reflects the relatively low volume it experienced in the first week of July.

Source: TradingView

HBAR’s Relative Strength Index (RSI) indicates that there has been significant outflows in the last few days despite the fact that it managed to hold the line. This outcome reflects the outflows from the supply held by top addresses. The outflows dropped from 60.14% on 3 June to 59.90% on 8 June.

Source: Santiment

Significant whale activity was observed in the last 24 hours. The whale transaction count metric for transactions worth over $100,000 registered two major spikes. The first took place on 7 July and involved three whales while the second took place on 8 July and involved 11 whales. The last time that the metric registered such a major upsurge was on 23 June.

Source: Santiment

This increase in whale activity might be a precursor to a major price move but it does not really provide a clear outlook in terms of direction. Fortunately, HBAR’s supply distribution by balance of addresses provides more clarity on where funds are flowing.

Addresses holding more than 10 million HBAR coins increased their holdings from 90.81% to 91.22% in the last three