The newly launched Clovis (CLO) token from Yei Finance has climbed more than 400% since its debut. Trading activity remains strong on multiple exchanges, though the CLO price has eased slightly after the initial spike.

This short-term cooldown of this DeFi token looks more like profit-taking than a trend reversal. Key on-chain and technical signals across multiple timeframes suggest that sellers may be losing control, setting the stage for another leg higher — if CLO can defend one crucial price level.

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Fading Sell Pressure Across Key Indicators

The Chaikin Money Flow (CMF) — an indicator that tracks how much money large wallets move in or out — has dipped below zero, reflecting moderate profit-booking by big holders (supposedly their airdrop stash). It now sits near -0.09, showing that outflows still outweigh inflows but not by much. If CMF stabilizes above –0.20, it would signal that the major selling phase has likely cooled off.

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The Wyckoff Volume, which highlights shifts in buying and selling momentum through color-coded bars, turned yellow a few sessions ago, confirming short-term selling dominance. However, those yellow bars have started to shrink, showing that the strength of that selling wave is fading fast.

Meanwhile, the Relative Strength Index (RSI) — a metric that measures the balance between buying and selli

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Author: Ananda Banerjee