Why is Waves going up: WAVES leads market gains with an over 300% gain in 24 hours

The crypto market has rallied significantly over the past week. However, some tokens have performed better than others, with one such example being WAVES. Waves (WAVES/USD) token has rallied by 329% over the past month.

Following the phenomenal gains, WAVES’ market cap has also surged significantly, and it currently sits at $5.31 billion, making it the 34^th largest token by this metric. At the time of writing, WAVES was trading at highs of $51.23, according to CoinGecko.

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WAVES hits new ATH

On March 29, WAVES reached a new all-time high of $52.71. It shows signs of continuing with the uptrend, given that the buying pressure is notably high. If WAVES rallies again, a new all-time high will be created.

WAVES is among the handful of tokens in the top 100 rankings that have created an all-time high since the beginning of the year. If it rallies again, the token could set another target at $55, after which new highs past $60 could also be created.

Positive developments surrounding the WAVES ecosystem create a case for the bullish sentiment to continue in the coming weeks. However, the token’s price could also correct if the market support fails. If WAVES heads to a downtrend, it will test the lower support at $48. If buyers fail to come in, a further dip to $44 could be witnessed.

Waves Labs to move headquarters to the US

WAVES has been rallying because of positive developments in its ecosystem. Waves Labs has announced it will be moving its headquarters into Miami. The company seeks to bolster the growth and adoption of the Waves network in the US and globally.

The new US headquarters for Waves Labs comes as the ecosystem announced the Waves Transformation Plan last month. This plan was another factor that triggered a strong bullish sentiment for the token.

Waves Labs has already selected a senior leadership team that will guide its business operations in the US and worldwide. The leadership team comes with a notable success record.