Morpho price continued its strong rally this week, hitting its highest level since February amid robust demand for its lending solutions.
Summary
- Morpho token has jumped by 245% from the year-to-date low.
- The total deposits in its platform jumped to $10 billion.
- Technical analysis points to more gains this year.
Morpho (MORPHO) token jumped to a high of $2.8567, up by over 245% from its lowest level in March. Its market cap has soared to $867 million, while its 24-hour volume was up by 24%.
Morpho price has rallied because of the ongoing demand of its solutions. Data on its website shows that the total deposits in its platform crossed the $10 billion milestone this week. Its issued loans have soared to over $3.6 billion.
According to DeFi Llama, the total value locked in Morpho soared to a record high of $7 billion, up from $2.5 billion in April this year.
Most of Morpho’s growth accelerated after its integration on Coinbase, the biggest crypto exchange in the US. Its integration gave it access to millions of users, a trend that may continue after the launch of The Base App.
Morpho offers a platform where users can deposit their funds and earn a return. It differs from other platforms in that users can select their preferred pools to deposit their funds. Users can also use their crypto assets as collateral for loans.
Morpho is one of the several players that are disrupting the crypto lending industry, which has accumulated over $100 billion in deposits. The others are popular names like AAVE and Maple Finance.
Morpho price technical analysis
The daily chart shows that the Morpho token price has rebounded in the past few weeks. It jumped from a low of $0.8186 in April to nearly $3 today.
Morpho has crossed the important resistance level at $2.2570, where it formed a double-top chart pattern with a neckline of $1.5700, its lowest point on Aug. 2.
Morpho price has moved above the 50-day Exponential Moving Average, a sign that bulls are in control. The Supertrend indicator has turned green, while oscillators are rising.
Therefore, the Morpho token price will likely continue rising as bulls target the year-to-date high of $4.1715, which is 60% above the current level.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
