The recently listed PROVE token demonstrated significant volatility in its early trading.
After an initial surge from $0.65 to $1.50 immediately post-listing, the token’s price found stability around the $1.20 level, pointing towards emerging short-term support.
Significant tokenomics factors include over 65% of the circulating supply being subject to a lock-up period with a 12-month cliff, substantially reducing the risk of immediate sell pressure from unlocks.
Further demonstrating confidence, top holders currently control approximately 96% of the token supply, indicating a strong belief in its long-term prospects.
Technical analysis highlights key price areas: $1.18 is identified as a crucial support level, while $1.70 represents the next major bullish target, derived from Fibonacci retracement analysis.
Adding to the near-term technical outlook, a bullish pennant pattern observed on the 15-minute chart suggests potential for a price rally could materialize if the token breaks and sustains above the $1.49 resistance level.