Rain Protocol’s RAIN token rallied by over 18% in 24 hours despite a significant token unlock, maintaining a market cap above $3 billion. The surge was driven by a new Kraken listing, substantial whale accumulation, token burns, and growth in Total Value Locked. The token is now experiencing a pullback as the market watches to see if bullish momentum can withstand ongoing sell pressure.
The decentralized predictions market token Rain Protocol (RAIN) surged by more than 18% in a single day. This rally occurred even as the project executed a large token unlock event.
On-chain data revealed a spike in transactions involving tens of millions of RAIN tokens. Whales were reported to have bought 165 million tokens within a 48-hour period. The increased accumulation coincided with the token securing a listing on the Kraken exchange.
Data from the protocol’s website showed approximately 69.46 million RAIN tokens were burned. Meanwhile, the platform’s Total Value Locked increased by 5.21% to around $4 million.
Technical analysis indicated RAIN broke past a descending trendline on its charts. The price action was driven by volume from a two-week consolidation period.
However, the token has recently shown signs of losing upward momentum. Market observers are watching to see if bullish factors can absorb sell pressure from the latest token unlock, which injected $338 million worth of RAIN into circulation.
