Is SWELL Crypto the Comeback Kid or Just a Flop? 🤔💸

SWELL crypto surged 60% but couldn’t quite shake off its gloomy downtrend.
The altcoin has been hoarding like a squirrel since December.

Ah, Swell [SWELL], the native token of the latest liquid staking protocol on Ethereum [ETH], Swell Networks, burst forth like a jack-in-the-box on the 10th of February, soaring a staggering 60%. 🎉

This little escapade followed its grand debut on new centralized exchanges, Bitget and Gate.io. At the time of this scribbling, the coin’s Trading Volume had ballooned by 200%, a sure sign that traders were feeling frisky. 💃

But alas, the jubilant pump failed to breach the downtrend channel that had been its shadow since December. Like a kid trying to jump over a puddle, it faced rejection at $0.02 and promptly wiped away some of its recent gains.

Can it break the downtrend?

Since reaching a dizzying height of $0.07 in December, SWELL has shed nearly 80% of its value. But who could blame it? Most altcoins have been on a rollercoaster ride, losing anywhere from 20% to 90% amidst the chaos of Trump tariffs and inflation fears. 🎢

Yet, in a twist of fate, the coin seems to have found a cozy little support around $0.01 in February. The latest 60% surge sprang from this very support, but let’s be real—solid recovery might just be a mirage unless the downtrend decides to take a hike.

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Interestingly, despite the token’s dramatic 80% decline, it has been quietly accumulating like a hoarder at a yard sale. Over the past two months, more than 100 million SWELL have been whisked away from exchanges. The growth of Supply outside Exchanges (in yellow) tells this tale. 📈

During this same period, the overall sell pressure has been on a diet. In fact, just recently, selling pressure from centralized exchanges has dipped even further, as illustrated by the red line (Supply on Exchanges).

This might just explain why the coin has managed to find a support at $0.01. Who knew?

Read Swell [SWELL] Price Prediction 2025-2026

But hold your horses! Despite this remarkable accumulation trend and the easing of supply pressure, there’s a catch with SWELL.

According to CoinMarketCap data, over 90% of the token is held by the top 10% of holders. This means that the price could be swayed by a handful of big fish, like a puppet on a string. 🎭

2025-02-12 00:14

Can it break the downtrend?

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