Beam crypto rises 12% in 24 hours: More gains to come?

• Beam crypto soared 12% within 24 hours, supported by strong fundamentals.
• Over 57% of Beam addresses were profitable, with a significant surge in large transactions.

Beam [BEAM] has witnessed a sharp 12% price increase in the last 24 hours, pushing the altcoin above the critical level at $0.02024.

This resistance level had held firm since the 22nd of July, seeing multiple retests and rejections over the aforementioned duration. 

The breakout on the 11th of November marked a critical moment as it coincided with the market anticipation surrounding the U.S. elections. This milestone turned the $0.02024 resistance into new support. 

Shortly after, Beam’s price dipped by 14%, signaling a short-term correction. This dip was met with strong buying interest, allowing the token to resume its bullish rally. 

The $0.02024 price level was now a strong support, and could act as a launchpad for further rallies.

Source: TradingView

Increased large transactions signal rising interest

AMBCrypto analysis of IntoTheBlock indicated a remarkable 190% surge in large transactions within the last 24 hours, amounting to $16.53 million.

Large transaction spikes often indicate increased activity from major investors and can precede further price appreciation.

This trend suggests growing confidence in Beam, possibly hinting at continued bullish momentum.

Source: IntoTheBlock

Beam’s growing social engagement

That is not all; Santiment’s data revealed a gradual uptick in Beam social volume. The altcoin reached an all-time high on the 12th of November, reflecting heightened interest within the crypto community. 

This increased social buzz can act as a catalyst, drawing more eyes and investment to the coin.

Source: Santiment

Also, a closer look at Beam’s holder distribution showed that 57% of its addresses were in profit at press time.

This suggested that holders were at a position hold and add more long positions into their portfolio, which in turn may result in a rally.

Source: IntoTheBlock

What lies ahead for Beam crypto?

Beam’s breakout above $0.02024, strong on-chain indicators, and increasing social engagement all point to a potential bullish outlook.

Read Beam’s [BEAM] Price Prediction 2024–2025

With the key support levels now established and rising interest from larger market participants, Beam appeared positioned for continued gains in the short to medium term.

The $0.03175 is the next target in line.