Illuvium [ILV] crypto doubles after $11 bounce! Can bulls push previous $24 subsequent?

Key Takeaways

Illuvium [ILV] crypto jumps 88% after retesting $11 help, helped by its new $250K Professional League announcement. The $24 liquidation cluster may act as the subsequent value magnet.

Illuvium [ILV] is again within the highlight as soon as once more. After briefly dipping right into a key demand zone close to $11, the token has surged by over 88% in simply three days, buying and selling round $22 at press time.

The sharp transfer comes on the heels of a serious announcement — Illuvium Professional League 2025 — a brand new e-sports competitors that includes a $250,000 prize pool, introduced through a current tweet.

The primary occasion is scheduled for December.

The developments appeared to have rekindled optimism throughout the Illuvium neighborhood and sparked renewed buying and selling curiosity.

Supply: TradingView

On-chain and alternate exercise warmth up

That momentum can be displaying up on-chain. Up to now 24 hours alone, ILV alternate inflows hit a weekly excessive of round 450K as value reached $20.5, in line with CryptoQuant’s Trade Influx knowledge.

The numerous surge factors to a rising liquidity and elevated participation from each new and returning merchants.

Supply: CryptoQuant

Nonetheless, some troubling indicators emerged. At press time, the Spot Quantity Bubble Map confirmed overheating situations, typically an indication that short-term volatility is climbing.

Whereas that might open the door to fast replacements, it additionally units the stage for larger value swings — particularly with sentiment skewing bullish.

Supply: CryptoQuant

ILV crypto: The important thing $24 liquidation zone

For now, ILV crypto’s $24 value degree appears to be ticking all the appropriate bins.

The value degree signifies a focus of quick positions, and a push into this zone may drive unwinding — doubtlessly fueling one other bullish run.

Supply: CoinGlass

Whether or not that breakout materializes will depend upon how the market reacts to present momentum and whether or not bulls have the energy to push by resistance with out cooling off first.

Up to now, the indicators are encouraging. The sturdy catalyst, rising on-chain alerts and an energetic Futures market all level to rising conviction. If ILV can clear the $24 cluster, the rally should still have room to run.