Cosmos Hub’s ATOM token suffered a steep decline over the past 24 hours, falling from $5.08 to $4.82 as institutional participants intensified liquidation activity. The 5.1% drop was accompanied by a surge in trading volume, with a peak of 7.73 million tokens changing hands during a particularly heavy sell-off between 09:00 and 14:00 UTC on July 23.
The sharp move reinforced resistance around the $5.07-$5.13 range, while accumulation interest surfaced in the $4.78-$4.88 zone, offering tentative support. However, persistent breakdowns below the $5.00 threshold highlighted ongoing distribution pressure that could challenge recovery attempts without sustained buying momentum.
During the final hour of trading on July 23, ATOM experienced pronounced volatility. The price tumbled from $4.90 to a session low of $4.78 before rebounding to $4.81. This recovery, while notable, came on declining volume—potentially signaling exhaustion among short-term buyers.
Akash Network (AKT), another Cosm
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