SuperRare’s price experiences sharp reversal following profit-taking after a parabolic rise of over 500% between August 5 and August 15. The token retreated to $0.2280, down by over 34% from its high on Sunday, August 18, driven by profit-taking and significant shifts in on-chain data.
The downturn coincided with the SuperRare Treasury transferring 7.5 million tokens to Binance, signaling an intention to sell. "An hour ago, the #SuperRare Treasury transferred 7.5M $RARE ($1.8M) to #Binance via #GSR," tweeted @lookonchain.
Platforms like SuperRare, OpenSea, and Rarible are grappling with declining trading volumes. Data from Dune Analytics indicates SuperRare’s monthly volume fell from over $36 million in August 2021 to under $1 million in July 2023.
Similarly, OpenSea’s monthly volume dropped from $643 million in February 2023 to $32 million in July. Global NFT sales volume decreased by 37% in the last 30 days, totaling $387 million, according to CryptoSlam.
Despite the price surge, SuperRare’s futures open interest hit a record high of $112 million. However, the token had no open interest in the futures market for several days this month.
SuperRare Price Analysis
The daily chart shows RARE’s price went parabolic, trending on platforms like X and StockTwits. It peaked at $0.3460, the highest level since May 2022.
It surged past the key resistance point at $0.2384, its highest swing in March 2023, and moved above the 50-day moving average, with the Money Flow Index reaching overbought levels.
Given these factors, the token’s outlook appears bearish. Many traders may exit their positions, and if the trend continues, the price could drop to the key support level at $0.1626, 30% below its August 19 low.
