A review of $RAVE 's next stop: five strong technical reasons above $30

$RAVE surged from $0.26 to $28.65, a total increase of over 10,000%. The price retreated from the high to around $24, RSI dropped from the extreme overbought zone, and MACD showed a brief death cross, with the market loudly claiming "double top is confirmed." But this round of technical correction is not the end of the trend; it’s a normal consolidation before launching a push above $30.
$RAVE ‌
$RAVE During the price correction, on-chain data provided a clear answer. The top ten wallet addresses still control over 96% of the circulating tokens, with circulating supply only about 23%-24% of the total supply of 1 billion tokens. Multi-signature addresses have recently withdrawn approximately 29.78 million RAVE from CEXs, worth about $33.68 million, directly tightening supply in the secondary market. Smart money’s average entry cost remains steady around $15, with a profit ratio as high as 93%. If the main players were truly bearish on the future, they wouldn’t stay idle when profits are at their peak.

Coinglass data shows that the total open interest of RAVE contracts across the network has plummeted from 150 million tokens at the peak on April 11 to the current 25.48 million, an 83% decrease. In the past 24 hours, the entire network saw $20.64 million in liquidations, second only to Bitcoin and Ethereum, with short positions liquidated worth $18.34 million. The sharp decline in open interest indicates leverage has returned to healthy levels, with floating positions greatly reduced, meaning that when prices rise again, they will no longer be held back by heavy selling pressure.

RaveDAO has established official partnerships with top international DJs like Vintage Culture and Don Diablo, as well as Warner Music, hosting over 20 sold-out events worldwide since 2024, with over 100k participants in total. The biggest short-term catalyst—the Lisbon Dance Summit held in Lisbon, Portugal from April 29 to May 2—has yet to materialize. As a co-organizer, RaveDAO will gather decision-makers from the global electronic music industry chain, including booking agencies, record labels, venue operators, and policy advocacy organizations. The major positive news has not yet been fully priced in.

SUPERTREND support is around $21.92, and the current price of $23.45 remains firmly above the support line, maintaining a healthy short-term trend structure. RSI(6) has retreated from the extreme overbought zone to 37.32, a neutral slightly low area, leaving ample momentum for the next rally. As long as the price does not break below the SUPERTREND support line, the bullish pattern remains intact.

The perpetual contract for RAVEUSDT shows a long-short ratio as high as 381%, with longs nearly four times the shorts. The main long positions, represented by B1173, currently hold 28.95 million USDT, with an average entry price of $11.54, unrealized profits exceeding $5.4 million, and a profit ratio close to 90%. Shorts have an average entry price of $8.64, with floating losses of $2.97 million, and a profit ratio below 10%. The long-short strength disparity is extreme; as long as the main longs do not take profits proactively, shorts remain passive.

Overall, RAVE’s current trend is not at the top. On-chain chips remain steady, positions have been cleaned out, fundamental catalysts are imminent, technical support is solid, and the long-short forces are still highly skewed—adding up to a clear path for RAVE to break above $30. The high concentration of chips means price volatility will still be intense; over 76% of tokens are still locked, and future unlocking pressure cannot be ignored. But for those who understand this game...