LINA price has defied gravity in the past few days as its rally gains steam. Linear Finance token soared to a high of $0.02623, the highest level since April 24th of this year. In all, the token has jumped by more than 365% from the lowest point this year.
Why is Linear Finance token soaring?
LINA is the native token for Linear Finance, a small DEFI platform that offers a cross-chain platform to trade digital assets. The platform offers several features, including Linear Buildr, Linear Exchange, Linear Swap, and Linear Vault. Acording to DeFi Llama, Linear Finance has over $17 million in total value locked.
It is unclear why LINA price has surged in the past few days.A likely reason is that the volume of trades in the ecosystem is doing well, with the TVL surging to over $13 million. It was about $5 million at its lowest level in 2022.
The other reason is that the token is gaining traction in social media. As shown below, data compiled by LunaCrush shows that it is one of the most actively mentioned project on social media. Historically, cryptocurrencies that are mentioned in platforms like Twitter, Reddit, and StockTwits tend to do well.
With leading combined social + market activity, $LINA has hit the No.1 LunarCrush AltRank™ again.
Linear one-week activity:
Social mentions: +1.71K%
Social contributors: +2.33K%
Social engagements: +350.6%
— LunarCrush (@LunarCrush) May 30, 2023
The same is happening in CoinMarketCap, one of the biggest crypto websites in the industry. As shown below, together with $TOMO, $OXBT, $HEX, and $BIAO, it is one of the top trending coins in the platform.
These Trending Projects are on 🔥 over at #CMCCommunity.
— CoinMarketCap (@CoinMarketCap) May 30, 2023
LINA price prediction
The daily chart shows that LINA crypto price has been in a strong bullish trend in the past few months. This week, the token managed to move above the important resistance point at $0.0194, the highest point on April 6.
LINA has jumped above the 50-day and 25-day exponential moving averages (EMA) while its volume is drifting upwards. At the same time, the Relative Strength Index (RSI) jumped above the overbought level at 80.
Therefore, there is a likelihood that the token will retest the key support at $0.175 and then resume the bullish trend. If this happens, the next level to watch will be at $0.030, which is ~50% above the current level. A drop below $0.017 will invalidate the bullish view.
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