FLR leads top altcoins in 24-hour gains despite market wide selloff
crypto.news 03 October 2024 10:53, UTC FLR has emerged as the leading gainer among the top 100 cryptocurrencies, witnessing a 21% rise in price within the past 24 hours, driven by positive developments within its ecosystem.
Flare (FLR) climbed from a low of $0.0149 to a high of $0.0178, eventually stabilizing around the $0.016 range when writing. This significant uptick solidified a 12% gain for the day and propelled the market capitalization of its circulating supply of 48.487 million tokens to approximately $819.2 million while most of the crypto market struggled as Wall Street traded deep in the red.
FLR’s price upswing coincides with an explosive increase in trading volume, which has soared by over 390%, translating to more than $30 million worth of the token exchanging hands.
Strategic growth and technological integrations
The Flare Network has been actively broadening its technological and strategic footprint, which has contributed to its recent price performance.
Among key developments is the integration of Google Cloud earlier this year as an infrastructure provider—a partnership that significantly enhances the network’s data handling and validation capabilities, thereby elevating its standing in the blockchain ecosystem.
In an aggressive push to foster sustainable growth, Flare has committed to reinvesting 50% of its FLR token sales back into the ecosystem. This strategic reinvestment is earmarked for the enhancement of vital network functions, including lending protocols and decentralized exchanges, aiming to boost both the utility and intrinsic value of the FLR token.
Further, Flare has implemented a token burn policy, recently eliminating 66 million FLR tokens from the total supply. This adds to the bullish narrative, as reduced supply tends to increase scarcity and potentially drive up the token’s value.
Market sentiment
According to data from CoinMarketCap, the social sentiment around the token was largely bullish, with the majority of community members expecting the rally to continue.
Technical indicators, such as the Moving Average Convergence Divergence on the 1-day price chart, illustrate a bullish crossover—where the MACD line has crossed above the signal line, a pattern which typically means that the strength of the bullish trend is building.
However, the subdued histogram suggests that while momentum is building, it may not be strong enough for a major breakout yet.
The Relative Strength Index further corroborates this view, resting at 58.83—above the midpoint but below the overbought threshold, indicating a gentle but persistent uptrend.
