Rally of Linear Finance (LINA) Price Re-Gains Momentum as DeFi TVL Skyrockets


The rally of Linear Finance (LINA) price regained traction on Wednesday as digital coins rebounded. LINA surged to an all-time high of $0.012, the highest level since March 22, increasing by 32.40% in the last 24 hours, as reported by Binance.

Expansion of Linear Protocol

Linear Protocol is a small but quickly-expanding cross-chain compatible, delta-one asset protrocol. The platform provides users with an easy and cost-effective way to trade liquid assets. Services such as Buildr, an exchange, a vault, and a swap feature are offered on the system.

For instance, its exchange allows people to analyze assets and trade them in an easier and cost-efficient manner. According to the Linear Protocol dashboard, over 1.39 billion LINA tokens have been staked by over 8,000 stakers. LINA has an estimated APY of  37.48%, which is higher than that of other assets. Its weekly rewards totaled over 7.3 million LINA. On the other hand, ℓUSD has an estimated APY of 0.05%.

LINA price has surged as investors increase their stake in the token because of its high yield. Additionally, the total value locked in its ecosystem has been escalating.

According to DeFi Llama, the network has a DEFI TVL of more than 829k BNB, the highest level since May last year. In dollar terms, Linear Finance has a TVL of $10.4 million, higher than the November low of $5 million

LINA price forecast

The daily chart shows that LINA price has been in a strong uptrend in the past few days. It has surged by 165% from its lowest point in December. In addition, the token has jumped above the key support level at $0.010, the highest point on November 4.

Notably, Linear Protocol is being supported by the 50-day moving average. It has also moved slightly above the key resistance level at $0.0119, the highest level on August 4 last year. 

Most importantly, LINA has formed a double-top pattern at $0.0175. In most cases, this pattern is usually a bearish sign. Consequently, there is a likelihood that the token will continue to increase as buyers target the initial support level at $0.013 (Feb 25 high).

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