PAAL AI (PAAL), the Telegram token developed in the Ethereum ecosystem, has lost 10% of its value in the last 24 hours. Currently trading at $0.19, PAAL has fallen 77.50% from its all-time high reached in March. These developments raise the possibility that PAAL could retest the $0.2037 level.

On-chain analysis examining the factors behind the recent decline and PAAL’s possible movements reveals that a significant selling pressure was caused by a decision by one of the project’s major stakeholders. The main influencers of this selling pressure are large investors known as whales. According to IntoTheBlock data, the net flow of large holders of PAAL AI has decreased by 72% in the last seven days and has continued for the last 30 to 90 days. The accumulation of more tokens by whales during this period can often be a sign of a price increase.

Crypto whales continuing to liquidate PAAL holdings could see the price continue to fall. Santiment data shows that the project has seen a significant decrease in network growth. Network growth measures the number of new addresses that first interact with a cryptocurrency.

On the daily chart, we can see that PAAL has formed a top pattern, also known as a reverse rolling bottom. This pattern usually indicates an uptrend at the beginning, but the price falls as momentum loses momentum. The price has dropped below the neckline on the chart at $0.1965, which could be a sign of the next possible drop.

An indicator that further strengthens this downtrend is the indicator known as Bullish Bearish Power (BBP). Usually, if BBP is positive, the bulls are in control of the market and prices may rise. However, for PAAL, the BBP reading is negative, indicating that the bears have the potential to push the price down further. In this case, the PAAL price could drop to $0.1724 and if the bulls fail to defend this area, the decline could continue to $0.1499.

On the other hand, if whale accumulation and buying volume increase, PAAL’s price could reverse to the upside and retest $0.2037. If the price breaks this level, it may potentially rally to $0.2462.

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