SAFE Token Surges 72% Following Upbit Listing and Multichain Wallet Integration

The SAFE token, native to Safe Wallet, experienced a significant surge of 72% in the last 24 hours after being listed on Upbit and expanding its wallet to support multiple blockchains.

SAFE’s price jumped to $1.65, marking a 115% increase from its September low. A notable price spike, often referred to as a “god candle,” propelled the token from $0.94 to $1.70, boosting its market capitalization to $805 million. Despite this recent rally, SAFE is still 53.6% below its all-time high of $3.56, which was reached in April.

High Trading Volume

The recent price rally occurred in a high-volume environment. Daily trading volume surged by 425%, reaching over $114 million, significantly higher than the $4 million recorded on the morning of October 24.

Upbit Listing

The primary catalyst for the recent surge was the token’s listing on South Korea’s largest cryptocurrency exchange, Upbit, on October 24. This listing introduced trading pairs for the token in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).

Listings on major cryptocurrency exchanges like Upbit often lead to increased exposure and buying interest from new investors, driving up the asset’s price.

Increased Wallet Activity

According to an October 24 post by on-chain insights platform Spot On Chain, there has been a noticeable increase in wallets purchasing SAFE since its Upbit listing. The top five first-time buyers alone have acquired 1.356 million SAFE tokens, valued at $2.24 million, from platforms like OKX, Bybit, and Uniswap, collectively gaining $150,000.

Multichain Integration

Safe Wallet’s recent shift to a multichain environment has also contributed to the momentum. This integration enhances usability across over 15 networks, offering users a unified wallet experience with a single deployment, a consistent address across chains, and gas-free transactions on major Layer 2 networks. These features likely increased demand for SAFE.

Potential for Price Correction

Despite the recent price spike, it is important to note that such rallies following an exchange listing often face a reversal as investors sell to lock in profits.

Crypto Academic highlighted a similar situation with Injective’s token (INJ), which spiked after its Upbit listing only to see a sharp drop the next day. As a stronger altcoin, INJ still faced substantial profit-taking, suggesting SAFE could experience a similar outcome.

Technical indicators also suggest a potential pullback in SAFE’s price. At the time of writing, SAFE was positioned above the upper Bollinger Band, with the Relative Strength Index (RSI) at 78, well above the overbought threshold.

In the event of a trend reversal, the altcoin is likely to find support around the $0.9992 level, which aligns with the middle Bollinger Band on the 1-day SAFE/USDT price chart.

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