Curve DAO tests a key support level – Is $1.59 next for CRV?

• Curve DAO flashes signs of a rebound as bullish momentum builds above the $0.45 key resistance level.
• Analyst predicts $1.59 could be CRV’s next target, following a successful bounce-off above its falling wedge support zone.

Curve DAO [CRV] has surged 2.5% in price and 0.80% in trading volume in the last 24 hours, according to Coingecko. 

As of this writing, CRV was gaining bullish momentum after testing a critical support zone above its falling wedge on the weekly chart.

Previously, the altcoin had broken out the falling wedge in late 2024 following two years of price consolidation within it. After a short-term pullback, will the current retest bounce off to the $1.59 key level?

CRV: Breakout and retest 

Looking at the weekly chart, CRV was retesting its previous key resistance, the $0.45 level as its support. In a lower timeframe, bullish momentum was growing above this key level as CRV built an uptrend.

CRV was trading at $0.48 after retesting this key support. According to analyst Solberg Invest on X, if the token holds its bullishness, the next target could be $1.59 in the short term, which is a previous resistance level.

Source: X

Market activity, on-chain metrics, and holder insights

Whales held 85% of CRV, and 76% of holders have held for more than a year, based on IntoTheBlock data.

Additionally, only 10% of holders were at a profit, suggesting higher chances of capitulation if the uptrend reverses or a strong rebound based on long-term investor conviction.

Glassnode data recorded a steady growth in CRV wallet addresses over the last two years, suggesting a long-term bullish sentiment.

The 7-day exchange netflow was -1.48M, signaling potential whale accumulation and a decrease in market selling pressure.

Source: IntoTheBlock

According to Cryptowaves, CRV’s 24-hour RSI stood at 37 and grew to 49 in the 4-hour time frame. Open Interest surged by 1.05% while the Long/Short Ratio stood at 1.45, per Coinalyze, confirming CRV’s bullish bounce-off.

Source: Coinalyze

Possible scenarios

If CRV holds its bullish bounce-off above $0.45 based on the growing number of addresses, whale accumulation, and long-term conviction, it could hit $1.59 in the next few weeks.

With a Bitcoin correlation of 0.94, BTC’s uptrend could boost its bullishness.

Failing to hold above this key support level, a drop toward the $0.30 level could happen, triggering sell-offs by the already frustrated investors.

One should watch for CRV’s movement above this key level and the whale activity for further insights.