At press time, RaveDAO [RAVE] was up nearly 20% on the day, indicating increased investor interest.
Several factors have quietly fed the asset’s strong performance over the past day, including the holder count reaching 60,560 in the past 24 hours, which points to growing buying among retail investors.
Community sentiment adds to the picture, with the majority of investors voting bullish and signaling that RAVE is likely to perform well in the near term. Notably, 86% of the 23,700 traders who voted expected the asset to stay bullish.
While these factors reflect sentiment, capital flows across the market show RAVE still holds a strong chance of delivering a decent performance in the near term.
RAVE volume and price climb together
The clearest indicator that RAVE could hold its strong performance in the near term lies in the volume-to-price relationship over the past day.
Volume across RAVE trades has climbed 168% to $28.27 million within this period, while price has risen 20%. Historically, volume surging alongside price implies that momentum is driving the asset higher and will likely continue on that path until either volume or price reverses.
On a more gradual level, volume has stayed positive so far, particularly across RAVE perpetual futures contracts. At the time of writing, the Long/Short Ratio of RAVE across key centralized trading venues sits in positive territory, with the ratio on Binance and OKX reaching 4.07 and 3.87, respectively.
Whenever the Long/Short Ratio rises above 1, buying volume dominates, and the further it climbs above 1, the stronger the rally.
This matters because the two venues command nearly the entire RAVE volume in the perpetual market, at $56.67 million and $45.35 million, respectively, over the past day. It implies that should these groups stay bullish, they would shape RAVE’s market outlook eventually.
RAVE spot netflows back the case for continuity
The spot market points to a likely continuation of the rally given the amount of RAVE purchased over the past day alongside the price netflow.
Over the past 24 hours, total purchases of RAVE reached $861,280, according to data from CoinGlass. While that figure stands out, sellers stepped up and offloaded roughly $777,360 worth of the asset to the open market.
The netflow between inflows and outflows shows more RAVE buying than selling, implying that buyers form the more dominant group at present, with the gap sitting at roughly $84,000.
A continued surge in buying activity like this would lift prices overall, according to the data provided. For now, RAVE stands a stronger chance of sustaining its current run in the short term.
The overall outlook also suggests investors would add more pressure across the perpetual and spot markets, feeding into price performance.
Final Summary
- RAVE has gained close to 20% in the past day, and the number of people holding the token has grown to 60,560.
- Buyers outspent sellers across the market, and most traders polled believe the price will continue to rise.
