In a market where major altcoins are facing a downtrend, IOST has captured investor attention by surging over 40% following an airdrop announcement and transition to BNB Chain L2.
Airdrop Announcement
The recent price surge was triggered by the official announcement of an airdrop, supported by major exchanges like Binance, Upbit, BitKub, Coincheck, OKX, BITPOINT, and CoinTrade. A total of 852.8 million IOST tokens, corresponding to 4% of the new supply, are allocated for the airdrop. To participate, users must have at least 1,000 IOST tokens in their exchange accounts. The snapshot will be taken on March 15, 2025, with distribution happening monthly or every three to six months over 48 months, depending on the partners.
Breakout from Falling Wedge Pattern
Following the airdrop announcement, IOST successfully broke out from its falling wedge pattern, which had been active since December 2024, peaking at $0.012. The token had seen a correction down to $0.0040 before stabilizing. Today, IOST breached the wedge's upper resistance line at $0.0042, moving up to $0.0070. It is currently trading at $0.0059, indicating increased investor interest.
What’s Next for IOST?
A retest of the breakout level could occur as the 100-day and 200-day moving averages act as resistance. Breaking above these levels could lead to further upward movement to the next resistance at $0.0084. The MACD indicator shows bullish momentum, suggesting the uptrend might continue short-term.
With the airdrop date approaching, volatility is expected to be high. Investors are closely monitoring for further price action signals.
