Berachain’s native token, BERA, has emerged as one of the top performers in the market in the last 24 hours, with an impressive 11% increase.
This surge can be attributed to a significant uptick in trading activities, pushing the trading volume of the token to $500 million during this period.
Increased on-chain activities driving BERA’s growth
The BERA Chain has witnessed a substantial increase in on-chain activities, possibly fueling its recent surge.
Data from Artemis suggests a notable rise in daily transactions, indicating heightened engagement.
The daily transaction volume, reflecting buying and selling actions on the chain, rose from a mere 1.3 million on February 23rd to the current figure of 2.2 million.
During this time, the number of daily active addresses in the BERA ecosystem hit a recent peak of 29,600, the highest since February 21st, when it surpassed 46,000.
This uptick in active addresses signals renewed confidence in the token and hints at potential increased buying activities in the upcoming weeks.
A simultaneous surge in transactions, trading activities, and prices often indicates strong market momentum.
Possibility of a 95% price surge
A closer examination of the 4-hour timeframe reveals BERA’s trading within a bullish symmetrical triangle pattern, historically signaling an impending market rally.
At present, BERA is hovering around the resistance level within this pattern.
A successful breach of this level could trigger a surge, targeting two crucial levels: a short-term ascent to $9.80 and a long-term rally to $15.50, marking a substantial 95.26% price escalation.
Should the breakout attempt fall short, BERA might consolidate within the symmetrical triangle, allowing market participants to accumulate the token at a lower price before the anticipated rally.
Rising speculation surrounding BERA
Derivatives traders are increasingly engaged in speculative activities pertaining to BERA. Current metrics such as Open Interest and the Long-to-Short ratio reflect this growing trend.
Open Interest is on an upward trajectory, signifying increased market liquidity. Over the last 24 hours, it surged by 14.17%, rising from $94.26 million to $116.95 million—a notable addition of $22.69 million.
Furthermore, the Long-to-Short ratio, a metric comparing buying to selling volumes in the derivatives market, supports this bullish sentiment by staying above 1, indicating stronger buying activities.
Persistent buying pressure in the derivatives sector could pave the way for BERA to surpass its current resistance level, enabling further price upticks.