Latest Multichain (MULTI) Price Analysis

TLDR
Multichain (MULTI) rose 13.55% in 24 hours, driven by technical momentum and low liquidity amplifying volatility despite unresolved legal risks from its 2023 hack.

1. Technical breakout: Overbought RSI (79) and bullish MACD signal short-term momentum.
2. Whale dominance: 96.6% of supply held by whales, enabling volatile price swings.
3. Liquidation uncertainty: Ongoing asset recovery efforts from its 2023 hack ($210M loss) may spur speculative trading.

Deep Dive

1. Technical context

MULTI’s price ($0.661) surged above key Fibonacci retracement levels (61.8% at $0.574), with a bullish MACD crossover (+0.00785 vs. signal line -0.00294). The 7-day RSI at 79 suggests overbought conditions, historically preceding pullbacks in low-liquidity tokens. However, the 24-hour turnover ratio of 0.136 indicates thin markets where modest volume can drive outsized moves.

2. Market dynamics

The token’s 313% volume spike ($1.3M) coincides with broader crypto market gains (+0.99% total cap), but MULTI’s move is coin-specific. With 96.6% of supply held by whales (CoinMarketCap), coordinated buying/selling among a few addresses could explain the volatility. Notably, 86% of addresses are long-term holders, reducing sell pressure during rallies.

3. Legal overhang

While no new positive catalysts exist, the May 2025 Singapore court order to liquidate Multichain (Cointelegraph) keeps the project in headlines. Traders may speculate on partial asset recovery for hack victims, though KPMG liquidators have yet to announce concrete progress.

Conclusion

MULTI’s rally appears technically driven amid low liquidity, with whales likely capitalizing on residual attention from its liquidation proceedings. Could renewed legal developments trigger another volatility spike in coming weeks?