OM Whale Unstakes Millions, Eyes Massive Gains as Price Targets $11.50

• Whale’s $OM move signals profit-taking, with $47.64M gained after depositing 7M $OM into Binance.
• $OM retraces to $6.04, with a buy zone at $4.50–$5.50, aligning with key support levels.
• Technicals target $11.50 if $OM holds support, signaling potential for a strong bullish reversal.

Sports on chain reports that after 281 days of dormancy, a whale unstaked 8.67 million $OM tokens, triggering market reactions. The whale then deposited 7 million $OM, valued at $43.45 million, into Binance. This movement suggests a strategic decision, as the whale initially withdrew 8.81 million $OM from Binance at just $0.682 per token on April 17, 2024. 

Given $OM’s current price above $6.10, this whale still holds 1.67 million $OM, valued at $10.2 million. Consequently, the estimated profit sits at an astounding $47.64 million, marking a 793% gain.

Bullish Retracement Indicates Potential Surge

$OM has been one of the top performers this cycle. Following its recent peak above $7, the asset is undergoing a necessary pullback. The latest price, recorded at $6.0430, represents a 7.57% decline. Despite the drop, the long-term outlook remains bullish, supported by the 200-day Exponential Moving Average (EMA) at $3.9201.

A crucial ascending trendline, active since late 2024, reinforces the positive trajectory. Price action suggests a retracement to a buy zone between $4.50 and $5.50, aligning with historical support levels. This zone presents an optimal entry point for investors seeking a favorable risk/reward ratio.

Target Set at Fibonacci 1.618 Level

Analyst Cryptogenous identifies $11.50 as the next target, corresponding with the Fibonacci 1.618 level. If the price stabilizes within the buy zone, a bullish reversal may follow. Additionally, the 200-day EMA and trendline convergence indicate sustained upward momentum. The red EMA, positioned below the price, confirms a positive outlook despite short-term corrections.

If the asset holds this key support, renewed bullish momentum could push $OM toward the projected target. This price movement aligns with common market patterns, where corrections precede substantial upward trends.

A successful bounce from the buy zone could lead to a breakout toward $11.50. The market’s reaction to whale movements and technical confirmations will determine the next phase of $OM’s rally.