The cryptocurrency market experiences notable price fluctuations, with most assets failing to maintain upward momentum.
Bitcoin (BTC) displays weakness after losing nearly 4% over the past day to hover at $66.79K during this writing.
While such an outlook painted the altcoin sector red, Gnosis (GNO) defied the bearish odds with a notable uptick.
GNO’s price jumped nearly 10% over the past day to $354, confirming stability amid market volatility.
GNO 1D Chart on Coinmarketcap
What triggered the Gnosis price surge?
The altcoin has maintained an upside stance lately, gaining around 25% within the past month.
Meanwhile, news about the community approving a $30 million buyback plan propelled GNO price over the last 24 hours.
Yesterday @GnosisDAO approved GIP-100, instructing karpatkey to perform a total of $30 million in GNO buybacks over six months.
Key goals of this large-scale buyback program include:
1️⃣ Transfer value to long-term token holders by acquiring GNO below its intrinsic value
2️⃣… pic.twitter.com/DlrNKel3Bv
— karpatkey (@karpatkey) June 11, 2024
The GNO community supported the plan to introduce a $30M buyback, utilizing 5% of Gnosis DAO treasury to buy the native token beneath its book value in the coming six months.
News surrounding the buyback program (designed to heighten stakeholders benefits) has seen GNO flourishing.
For instance, the altcoin jumped significantly following the buyback proposal.
GNO eyes the $500 price mark
The weekly chart shows a bullish flag setup, positioning the alt for extended upswings.
The over 20% monthly increase pushed GNO’s market capitalization to $900 million at press time. Robust 24-hour trading volume, up 155% over the past day to above $29.77M, opens the path for a $1B market cap target.
The weekly timeframe reveals an upside trend continuation with several flag setup breakouts.
The Relative Strength Index confirms an influx of buying momentum as the line climbs past the 50-level. Also, the Exponential Moving Average supported bullishness.
Gnosis displays solid momentum, and GNO remains poised for a significant price jump. The 7-day chart highlights buyer edge.
Continued strength amidst favorable broad market conditions could see GNO soaring toward the $500 psychological area. That can trigger a smooth sail to $555 in June.
However, enthusiasts should remain cautious as the crypto market remains volatile. A sudden bearish attack could ruin GNO’s anticipated surge.
Failure to sustain beyond the vital $338.5 support will hinder upsurges past the upper resistance at $390.5 (this month).
Such developments might see GNO plummeting toward the lower support floor at $292.5 in the near term.
Nevertheless, the upside path seems to have fewer challenges, with markets maintaining optimism despite bear dominance.
Renowned market analyst Crypto Rover expects solid recoveries in the altcoin market.
Lots of #Altcoins will explode 30x from here.
Mark my words.
— Crypto Rover 🧙♂️ (@R0VERCCRC) June 9, 2024
Rover believes most alts will soar 30x from their current values. Such sentiments will potentially support GNO’s anticipated rally past $500.
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