Shiba Inu (SHIB) has experienced a significant surge in on-chain activity, marked by an impressive transaction volume of 3.12 trillion SHIB within a 24-hour period. This sharp increase in large transactions signals a renewed interest in the popular meme coin, potentially indicating the start of a bullish reversal or new momentum in the market.

Rising Transaction Volumes Point to Growing Market Interest

Recent data shows that SHIB has seen a rise in both active trading and large transaction volumes. The seven-day high for transaction volume reached 4.15 trillion SHIB, while the 24-hour volume hit 3.12 trillion SHIB. 

Related article: Whales Are Back: Shiba Inu (SHIB) Experiences Massive 360% Transaction Surge!

With the transaction value peaking at $70.31 million, it becomes clear that SHIB is regaining attention from investors. This renewed interest may be a hopeful sign for the asset’s future price movement, especially as it seeks to break out of recent market slumps.

Price Movement: Resistance and Support Levels in Focus

Currently, SHIB is trading around $0.00001807, showing a rebound from its recent lows. The asset is now testing critical resistance levels that have previously proven pivotal. Should SHIB manage to surpass the $0.000020 mark, it could confirm a bullish reversal, signaling further upward momentum. 

_{Source: CoinMarketCap}

On the other hand, if the price fails to stay above the support level at $0.00001650, a continuation of the downward trend may occur. These key price levels will be crucial for determining SHIB’s next moves.

A Positive Outlook Despite Recent Struggles

Despite facing challenges in maintaining its market position in recent weeks, the current spike in volume and activity offers a promising outlook for Shiba Inu. The speculative nature of the meme coin market adds some uncertainty, but the latest on-chain activity is encouraging. 

Related article: Shiba Inu Lead Debunks Claims of Billion-Dollar SHIB Wallet Ownership

If this momentum continues, SHIB could enter a new bullish phase, providing an opportunity for investors to capitalize on the trend. 

The resurgence in interest and growing transaction volume suggest that Shiba Inu may be gearing up for a comeback.