JasmyCoin (JASMY) is gaining momentum in the crypto markets, with its price rising nearly 15% over the past 24 hours to around $0.01982.
The surge comes amid rising accumulation by whales and heightened interest in its AI infrastructure plans.
JASMY is currently one of the top-performing altcoins, riding a broader wave of bullish sentiment across smaller-cap tokens.
The rally has triggered speculation about further upside, with the token forming strong bullish patterns and drawing attention from both institutional and retail traders.
Exchange reserves fall to lowest level in 2024
On-chain data reveals that around 53% of JasmyCoin’s circulating supply moved into whale wallets throughout July.
At the same time, exchange reserves dropped to their lowest point this year.
This dynamic creates a supply crunch, as fewer tokens are available for open-market purchases.
The combination of reduced exchange float and increased holdings by large investors is often seen as a precursor to price squeezes.
CoinMarketCap data reflects a clear shift in market structure, reinforcing the narrative that accumulation is underway.
The shift also comes during a period of falling Bitcoin dominance, which dipped to 59.98%.
Meanwhile, altcoin dominance has grown by 229% over the past month, suggesting traders are rotating funds into mid and small-cap assets like JASMY.
Chart patterns point to bullish breakout targets
Technical indicators for JasmyCoin show a promising setup. Chart analysis from Ron Pogi suggests that JASMY has re-entered the Gann Box, a zone often associated with key price consolidations and reversals.
The token has also formed a double bottom pattern, a bullish reversal signal, with the neckline set between $0.0226 and $0.024.
A breakout above this neckline could confirm sustained upward movement.
Fibonacci extension levels based on the previous market structure place potential resistance at $0.09059, $0.1415, $0.19241, and $0.22387.
These levels correspond to former breakdown points in 2021 and 2022, which could act as future technical targets if momentum continues.
Analysts are watching these closely for medium to long-term direction.
Trading volume has also surged, with daily volumes increasing more than fivefold.
This volume expansion confirms that the price move is backed by increased market participation and is not simply the result of illiquid spikes.
Analysts believe the recent rally has helped clear out weak hands from the market, allowing stronger positions to build.
AI and Layer 2 testnet add to speculation
One of the more speculative drivers behind the JASMY rally is its involvement in artificial intelligence infrastructure.
The token is linked to the development of the JANCTION Layer 2 testnet, which integrates Nvidia edge chips.
While no formal partnerships with major AI firms have been announced, the project’s alignment with the AI narrative has placed it among trending discussions at the intersection of blockchain and machine learning.
This narrative boost is bolstered by social media interest. A tweet from user Saiyan1Kl noted that JasmyCoin is once again approaching a $1 billion market capitalisation after facing resistance at $0.0202.
The price briefly fell to $0.0186 before rebounding, suggesting bullish intent remains intact.
Although challenges lie ahead with resistance at the neckline, JASMY appears to be building momentum from a mix of technical indicators, market rotation, and thematic relevance in AI.
The coming weeks may determine whether the token can sustain its current trend and push into higher resistance zones.
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