Shiba Inu recorded an eye-catching 14.84 trillion in transaction volumes over the past 24 hours. As whales scale back their activity, SHIB’s struggle at key support levels could signal either a breakout or a deeper correction.

Shiba Inu Faces Waning Momentum as Transaction Volumes Soar
Shiba Inu has lately shown signs of losing steam as its price struggles to maintain its recent highs. Despite the problems, there are interesting trends in the on-chain data that might indicate a future recovery or more declines. Per U.Today, in the last 24 hours, SHIB recorded transaction volumes totaling an astounding $14.84 trillion.

The previous seven-day high, of 21-23 trillion SHIB, was reported on November 14, 2024, thus while this quantity is notable, it is lower. One of the main reasons Shiba Inu rallies used to happen, whale activity, has been on the decline, according to the statistics.

Large investors may be cutting down on their holdings due to the recent drop in substantial transaction volumes, which could be an indication of market caution.

Key Resistance Levels Could Define SHIB’s Next Move
The price chart shows an obvious struggle near the $0.000025 level, which was resistance throughout the asset's most recent rise.

Following its recent retracement, SHIB is aiming to test the $0.000024 support level. This level could serve as a springboard for further gains if it holds, but a decline below it could set off a more drastic drop, sending prices tumbling back to the $0.000021 support area.

The relative strength indicator (RSI) shows that buying pressure is decreasing, indicating a small cooling down from overbought area. This is in keeping with what we've seen with the falling trading volume, which might be an indication of less interest from private investors.

Whale Movements Still Hold Potential for a Breakout
On the other hand, the on-chain activity suggests that SHIB might still be a contender. Given the large transaction volumes and movements of whales, another breakout is yet possible.

Restoring and maintaining a rise above the $0.000025 mark is crucial for SHIB to attract new attention from both institutional and retail traders.

Despite the current lack of clarity, SHIB must keep an eye on whale activity and key support levels in order to decide what to do. We need to be cautiously optimistic for the time being, even though a jump in volume and attention can reignite the rally.