Band Protocol price primed for a massive bullish impulse as BAND whales grow exponentially

Band Protocol is one of the many DeFi tokens that has seen incredible gains in the last two months. But unlike most altcoins, BAND’s bull rally is yet to unravel.

Band Protocol price aims for $15

At the time of writing, Band Protocol price is trading just above $13.00. Since it broke out of a symmetrical triangle on February 1, BAND’s market value has risen by more than 35%. 

The recent upswing is nothing compared to what lies ahead if this altcoin manages to close above $14.20. Indeed, moving past the 78.6% Fibonacci level will increase the probability of another bullish impulse towards new all-time highs. 

BAND/USDT 3-day chart

IntoTheBlock’s In/Out of the Money Around Price (IOMA) model shows clear sailing for Band Protocol price beyond the $14.20 resistance level. Here, roughly 673 addresses previously purchased 15,600 BAND. 

Any buying pressure around this level could catapult the DeFi token into higher highs.

BAND IOMAP chart

Whales' activity on the network supports the optimistic outlook, according to on-chain data provider Santimet. 

“Band Protocol’s 10,000+ token addresses have grown in number from 49 to 82 in a little under four months, and the price has rapidly risen during this same stretch. As long as we keep seeing this number climb, it’s a great sign for a token that is often pegged as an asset that simply follows Chainlink.”

Band Protocol whales by Santiment

Despite the mounting buying pressure behind Band Protocol, investors must remain cautious due to this digital asset's high volatility. A downswing that sends BAND price below $11.70 will be catastrophic for the bulls. If this were to happen, the DeFi token would be at risk of a sell-off that sends it back to $8.00.