Linear Protocol (LINA) price rally regains steam as DeFi TVL jumps
Linear Finance (LINA) price was among the best-performing cryptocurrency tokens on Wednesday as digital coins rebounded. LINA rose to a high of $0.012, the highest level on March 22. It has risen by 32.40% in the past 24 hours, making it the best-performing token, according to data compiled by Binance.
Linear Protocol growth rises
Linear Protocol is a small but fast-growing cross-chain compatible, delta-one asset protrocol. The platform makes it possible for people to seamlessly and cost-effectively trade liquid assets in its ecosystem.
Linear Protocol’s services include Buildr, exchange, a vault, and a swap feature that makes this possible. For example, its exchange allows people to analyze assets and trade them in an easier and cost-effective 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, ?USD has an estimated APY of 0.05%.
LINA price has risen as investors increase their allocation to the token because of its high yield. Indeed, the total value locked in its ecosystem has been growing.
Reminder: $LINA and $LUSD rewards have been distributed, please claim these rewards via https://t.co/uET3cLR7n1 at your earliest convenience. #LinearFinance #LinearExchange #DeFi #Web3 pic.twitter.com/fSuwnylfzj
— Linear Finance (@LinearFinance) March 22, 2023
According to DeFi Llama, the network has a DEFI TVL of over 829k BNB, the highest level since May last year. This amount is significantly higher than November’s low of 815k. In dollar terms, Linear Finance has a TVL of $10.4 million, higher than the November low of $5 million
LINA price prediction
The daily chart shows that LINA price has been in a strong bullish trend in the past few days. It has risen by 165% from its lowest point in December. Further, the token 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. Therefore, there is a likelihood that the token will keep rising as buyers target the initial support level at $0.013 (Feb 25 high). A move above that level will see the token rise to the double-top point at $0.017. In the longer term, LINA will likely have a bearish breakout because of the double-top pattern.
How to buy LINA
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Bitvavo
The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.
