- Compound (COMP) price surges 31% to ~$51 ahead of Upbit listing Apr 1
- Rally occurs despite reports of founder Leshner moving 50k COMP (~$3.5M) to Binance
- TA shows COMP breakout above upper BB; RSI high (~60) nears overbought
Compound (COMP), an early DeFi lending protocol on Ethereum, witnessed a massive 31.01% price surge over the last 24 hours. It currently trades near $50.91, according to CoinMarketCap data.
This rally coincides with reports suggesting its founder, Robert Leshner, allegedly moved 50,000 COMP tokens potentially for selling. This movement occurred just ahead of the token’s highly anticipated listing on South Korea’s largest exchange, Upbit (COMP/KRW pair).
Details Emerge on Founder’s Alleged Token Movement
On-chain monitoring service “ai_9684xtpa” reported token movements possibly linked to Compound founder Robert Leshner. According to their tracking, 50,000 COMP tokens, initially transferred by a Leshner-associated wallet to Galaxy Digital three weeks prior (March 12) when valued around $2.03 million, were reportedly deposited to the Binance exchange Tuesday (April 1).
Their current value is approximately $3.5 million, suggesting preparation for a potential sale by the recipient.
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How Might Upbit Listing Impact COMP Price?
Upbit’s separate announcement that it will list the COMP/KRW pair has further fueled bullish sentiment surrounding the token recently. The listing, scheduled for 16:35 local time on April 1, is expected to drive significant trading activity, particularly from South Korea’s active DeFi user base, potentially boosting demand.
Technically, COMP’s price has broken out decisively above its upper Bollinger Band resistance level, previously situated near $47.62.
The next significant overhead resistance level for COMP appears near the $60 mark, aligning with price action highs seen in late December 2024.
Key support levels to watch on any potential pullbacks include the middle Bollinger Band (currently around $42.68) and the lower band support (near $37.74). Some analysts cite $75 as a possible longer-term breakout target if bullish momentum fully sustains itself following the listing.
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The listing on Upbit could provide further upside potential if South Korean traders drive high demand. However, if founder-linked sell-offs intensify, COMP might face downward pressure.
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