MICHI monthly gains surpass 66% as whale activity intensifies

Whales have increasingly turned their focus to MICHI, with the meme coin’s monthly gains surpassing 66%.

On October 30, Michi (MICHI) rose to an intraday high of $0.38, breaking out from a narrow trading range of $0.24 to $0.28 that had persisted for the previous six days. This rally brought the meme coin’s market capitalization to a valuation of $203.8 million, with daily trading volume exceeding $23.7 million at the time of writing.

The Solana-based token’s rally coincided with several large transactions recorded on Solscan, including a notable $1.4 million investment by a newly funded whale address that began dollar-cost averaging into MICHI. Two other whale addresses were seen making similar moves, investing $405,000 and $302,773 respectively.

Whale investments are often viewed as a bullish indicator, signaling that these large buyers are making strategic investments based on their careful assessment of a project’s potential. Given the growing interest in meme coins, whales are increasingly attracted to low-cap cryptocurrencies like MICHI due to their growth potential.

In addition to whale activity, a Dubai-based venture capital firm recently revealed plans to invest over $30 million in MICHI. This follows a broader trend of increased investor interest, with the number of MICHI holders surging in recent months. Data from Solcan shows that 36,561 investors currently hold the token.

The token could see even further growth if it secures listings on major exchanges like Binance. Binance has previously listed two other tokens launched by Pump.fun, Moo Deng (MOODENG) and Goatseus Maximus (GOAT), both of which experienced significant price surges after their listings.

MICHI is also on track for a potential KuCoin listing, currently ranking second in the exchange’s GemVote event, where community support could secure its spot.

At present, MICHI is listed on several tier-2 exchanges, including MEXC, LBank, and BingX, with its most recent listing on RabbitX, a decentralized derivatives exchange.

These developments have contributed to MICHI’s 67% price increase over the past 30 days, positioning it as the 4th largest token in the Pump.fun ecosystem by market cap.

MICHI rally could continue

On the 1-day MICHI/USDT chart, the meme coin is positioned near the upper Bollinger Band, signaling that the current uptrend remains strong. This suggests that MICHI is in a bullish phase, with the price trending toward the higher end of its recent range.

Additionally, the Moving Average Convergence Divergence (MACD) indicator supports this positive outlook. The MACD line (blue) is on the verge of crossing above the signal line (orange), which would represent a bullish crossover. This crossover is often seen as a sign of increasing upward momentum, reinforcing the likelihood of continued price growth for MICHI in the near term.

MICHI’s price was also above the 50-day Moving Average, which means bulls are still in control, while its Relative Strength Index was at 62 indicating that there is still room for further gains before it hits overbough levels.

Meanwhile, a community member pointed out the formation of a “cup and handle” pattern on MICHI’s 1-day chart, which is generally considered a bullish indicator. To confirm this pattern, MICHI would need to break through the $0.37 resistance level, which marks the top of the “handle” formation.

If this breakout occurs, the confirmed cup and handle pattern could signal the beginning of a strong price rally, potentially driving MICHI towards its all-time high of $0.58, which was reached in May. Such a move would represent a significant upward price movement, further validating the bullish sentiment surrounding the token.