EIGEN, the native token of EigenCloud (formerly EigenLayer), is showing strong bullish momentum, catching traders’ attention with a breakout that could signal more upside ahead.
Price Clears Key Resistance Next Stop $1.70?
After forming a textbook double-bottom pattern with support near $1.25 and a neckline around $1.41, EIGEN has now pushed through that resistance and is trading close to $1.45. The breakout suggests a measured move toward $1.55–$1.60 in the near term right in line with the upper boundary of an ascending price channel that’s been holding since early July.
If EIGEN can break above the $1.60 resistance with strong volume and without pushing the RSI into overbought territory (above 70) analysts believe the next leg higher could reach $1.70. That level has historically been a tough barrier, acting as a ceiling in both May and June. But if bulls manage to flip it, there’s little in the way of resistance until the $1.85–$1.90 zone.
On the flip side, if price fails to stay above the $1.50–$1.60 range, a pullback could follow. In that case, traders will be watching for support around the $1.41 neckline or the lower channel trendline near $1.30 to hold.
Trading Volume Surges, Supporting the Move
Fueling this rally is a notable increase in trading volume more than double what it was just a day ago suggesting growing interest and conviction behind the move. EIGEN is up 15% over the past 24 hours, reflecting strong short-term momentum.
Backed by Big Names and Fresh Developments
It’s not just technicals driving the price action. The recent bullish breakout comes on the heels of major fundamental news.
In June, Andreessen Horowitz (a16z) backed EigenCloud with a massive $70 million token purchase. The goal? To help accelerate the rollout of EigenCloud’s unified cloud infrastructure a platform aiming to power the next wave of crypto-native apps.
Meanwhile, data from Santiment shows that EigenCloud ranks among the top Ethereum-based projects by development activity, a strong signal of long-term commitment and growth.
Adding further fuel to the rally, Renzo Protocol teamed up with Concrete, a leader in DeFi vault customization, to launch institutional restaking vaults on EigenCloud. This is a significant milestone for adoption, especially in the rapidly growing restaking sector.
Bottom Line
With a clean breakout above $1.41 and bullish fundamentals backing it up, EIGEN looks well-positioned to challenge $1.60 and potentially $1.70 in the near future. Whether or not it breaks through that key zone will likely determine the next major move but all eyes are now on the ascending channel’s top and how the token reacts at resistance.
