Peter Smith
After months of going nowhere, Shiba Inu's price has finally found its footing around a key support level. This zone has been tested multiple times recently, and each time buyers have stepped in to defend it. The repeated bounce off this level hints that SHIB might be gearing up for something bigger.
What's really catching attention right now is the jump in new wallet addresses. More people are getting involved, and the data shows both retail traders and longer-term investors are quietly stacking up positions. Add to that the insane 7,000% spike in token burn rate, which is pulling supply out of circulation, and you've got a recipe for potential upside momentum.
SHIB Technical Setup: Support Holding Strong
From a chart perspective, SHIB is sitting right on top of its value area low - basically the bottom of its current range. Sellers have tried pushing it lower several times, but buyers keep showing up.
That's a good sign. It means there's real demand at these levels, not just hope.The market structure still looks healthy too. We're seeing higher lows, which is textbook bullish behavior.
As long as SHIB stays above this support zone, the door's open for a push toward upper resistance. If it reclaims the value area high, we could see a proper leg up toward previous highs.
Growing Network Activity Points to Accumulation
The on-chain metrics back up what the charts are showing. More wallets are interacting with SHIB, and the total holder count keeps climbing. This isn't just noise - it's a pattern that usually shows up before price recoveries gain steam.
What matters here is that mid-term holders aren't panicking out. They're sitting tight, riding out the chop, and waiting for better prices. That takes selling pressure off the table and gives SHIB room to build a solid base. Combine that with the massive burn rate and shrinking supply, and the fundamentals are lining up nicely.
This kind of quiet accumulation phase has happened before with SHIB, and it's often preceded strong rallies. If the pattern repeats, things could get interesting fast.
What's Next for SHIB Price?
As long as SHIB holds above its current support, the odds favor upside. A clean break above the value area high could kick off a fresh bullish phase and bring in momentum traders who've been watching from the sidelines.
That said, if support breaks, we might see more sideways action before the next real move. For now though, the setup looks more bullish than not. The next few weeks will tell us whether this accumulation turns into a rally or if SHIB needs more time to build strength before launching higher.
Peter Smith
