Bancor (BNT) hits 2-month high amid spike in whale activity

• Bancor (BNT) price rose more than 70% to $0.69, the coin’s highest level in two months. 
• BNT price surged as whale activity and network growth drove buyside pressure.
• Geopolitical events in the Middle East have dampened markets, but analysts say Bancor could surge to new multi-month highs.

Bancor recorded a significant bump in price over the weekend, rising to a two-month high of $0.69 as BNT buyside pressure saw it outpace Bitcoin and top altcoins. The coin’s upside of 71% for the 24 hours to Monday morning came even as the fresh geopolitical events appeared to dent sentiment battered by inflation and interest rates concerns.

Bancor price surges as markets weigh Israel-Hamas conflict

Ahead of markets opening on Monday, US stocks were down and Bitcoin, Ethereum and most altcoins were trading lower. Investor jitters come as analysts point to the potential impact of a full-scale war in the Middle East following Israel’s retaliation to a surprise attack by Hamas.

While the Saturday attack saw a swift spike in oil prices, speculation over what happens next in the volatile region meant a slowdown for risk assets.

However, the impending escalation aside, the Bancor price broke out as network growth and whale activity skyrocketed. Other than a massive haul of BNT by a wallet linked to Korea’s largest crypto exchange Upbit, on-chain data also showed the most active addresses have been busy over the past two days.

According to data by Santiment, Bancor’s price peaked with a +71% gain in 24 hours to reach $0.67 – the cryptocurrency’s highest price level in two months. The BNT/USD pair changed hands at highs of $0.69 on crypto exchange Coinbase.

📈 #Bancor's price had a peak gain of +71% in 24 hours as the weekend closed. Coinciding with this, the 797 active $BNT addresses are the most in a single day in nearly 2 years. If #onchain metrics continue this rate, a further increase may be in store. https://t.co/x3opEjOnJX pic.twitter.com/9xecovtFgF

— Santiment (@santimentfeed) October 9, 2023

What next for BNT price?

As analysts at Santiment pointed out in post on X, the price increase coincided with a spike in active BNT addresses. Specifically Bancor’s 797 active addresses saw their most active single-day surge in almost 2 years.

“If on-chain metrics continue [at] this rate, a further increase may be in store,” the analytics firm noted.

In this case, bulls can target the supply zone at $0.77 and multi-month highs going back to mid-June. This could possibly open up a path to $1.18. On the downside, the key price level to watch is $0.50, below which Bancor look for a demand reload at $0.34.