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Curve Finance price: Is CRV an opportunity after recent events?

By:
on Aug 11, 2023
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  • Curve Finance token CRV could benefit from positive sentiment amid on-chain activity strength.
  • If bulls shake off recent FUD, the current price levels could present an opportunity.
  • CRV price was down 6.5% at the time of writing at $0.60.

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Curve Dao (CRV), the governance token of the DeFi protocol Curve Finance, is down 6.5% in the past 24 hours at $0.60 as the negative sentiment around the project continues to swirl.

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Today’s declines come even as the Curve DAO provided an update on last week’s exploit. But what’s the outlook for CRV price after these events?

Curve Finance hack update

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The aftermath of recent controversy surrounding founder Michael Egorov and last week’s hack on multiple pools hasn’t helped bulls’ case in a market largely devoid of upside momentum. As Invezz highlighted on August 7, the Curve team announced a $1.85 million bounty as it looked to unmask the identity of the hacker in $61 million exploit. Here’s the team’s update saying 70% of funds have been recovered.

Curve Finance price prediction: Analysts point to positive CRV metrics

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It is notable that Curve Finance token price fell sharply after the hack, hitting lows of $0.50 from earlier this month.

Yet, according to analysts at on-chain data provider Santiment, the value of CRV did not “completely fall off a cliff” in the wake of the FUD. This outlook, combined with a number of key metrics, suggests Curve Finance may be looking to shake off the negative sentiment. Santiment shared the outlook in a post published on Friday.

One CRV metric that Santiment analysts are watching is whale activity, which includes the massive accumulation by wallets holding 10,000 to 100,000,000 CRV. Per the platform, the price of CRV has shown some correlation with this address tier. After the negative events of the past few days, Curve whales have strengthened from 33% to 41% of supply in just two weeks, hitting levels seen more than a year ago.

While a fresh dump could push prices beyond the $0.50 support level seen last week, particularly after recent transfers to exchanges, data shows a possible spike in whale transactions could portend a swift recovery for CRV.

Curve Finance is also showing signs of fresh network development in terms of an increase in Github submissions, which analysts say indicates the team still believes in the project and is ready to innovate and improve past the recent negativity.

For the market, the immediate hurdle for CRV is at the $0.65 zone. Above that would be $0.90 and the psychological $1.00 But if weakness intensifies, lows of $0.50 are a robust demand reload level.

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