FLR has emerged as a major gainer among the top 100 cryptocurrencies, seeing a 21% rise in price over the past 24 hours, driven by positive developments within its ecosystem.
Flare (FLR) rose from a low of $0.0149 to a high of $0.0178, eventually settling around the $0.016 range at writing. This significant rally consolidated a 12% gain for the day and pushed the market cap of its circulating supply of 48.487 million tokens to nearly $819.2 million while most of the cryptocurrency market suffered with Wall Street trading deep in the red.
The FLR price surge coincides with a massive increase in trading volume, which has risen by over 390%, equating to over $30 million worth of token trading.
Strategic growth and technology integration
Flare Network has been actively expanding its technology and strategic footprint, which has contributed to its recent price performance.
Among the major developments is Integration with Google Cloud Earlier this year as an infrastructure provider – a partnership that significantly enhances the network’s data processing and validation capabilities, thus raising its position in the blockchain ecosystem.
In a strong move to foster sustainable growth, Flare has committed to reinvesting 50% of its FLR token sales back into the ecosystem. This strategic reinvestment is dedicated to enhancing critical network functions, including lending protocols and decentralized exchanges, with the aim of enhancing both the utility and intrinsic value of the FLR token.
Furthermore, Flair outlet Token burning policy, which recently resulted in 66 million FLR tokens being removed from the total supply. This adds to the bullish narrative, as lower supply tends to increase scarcity and potentially increase the value of the token.
Market sentiment
According to data from CoinMarketCap, social sentiment around the token has been largely bullish, with the majority of community members anticipating the rise to continue.
Technical indicators, such as the Moving Average Convergence and Divergence on a 1-day price chart, show a bullish crossover – where the MACD line has crossed above the signal line, a pattern that usually means the strength of an uptrend is increasing.
However, the weak chart suggests that although momentum is building, it may not be strong enough for a major breakout yet.
The Relative Strength Index also supports this view, standing at 58.83 – above the midpoint but below the overbought threshold, indicating a gentle but ongoing uptrend.