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.
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 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).