The Morpho price rose for the third day in a row and reached an all-time high, making it one of the best performing DeFi tokens this year.
Morpho (MORPHO) rose to an all-time high of $4.2, giving it a market cap of over $702 million. The fully diluted valuation rose to $4.1 billion.
This rally took place amid increasing influx into the ecosystem. Data shows that the total value captured on the platform has risen to $3.85 billion, a significant increase from $49.2 million in 2022.
Of its assets, $2 billion is locked up on the Ethereum (ETH) chain, while the rest is in Base, the layer 2 network launched by Coinbase.
This growth trajectory has positioned Morpho as a highly profitable player in the decentralized finance sector. According to TokenTerminalMorpho generated $87 million in fees over the past twelve months, making it more profitable than well-known DeFi platforms like JustLend and Pendle.
Morpho’s price also rose following Coinbase’s announcement that it would start offering crypto loans to US customers. Users can borrow USD Coin (USDC) against Bitcoin (BTC) in seconds on the platform. This announcement is significant as Coinbase is the largest exchange in the United States with millions of users.
The news led to increased demand for the Morpho token as investors expect further gains as the technology becomes more mainstream. The biggest buyer in the last 24 hours spent $1.84 million on Morpho tokens. Additionally, over 15 users collectively purchased MORPHO tokens worth over $176,000 during the same period.
Morpho price analysis
The 4-hour chart shows that Morpho price has gone parabolic in recent days. This increase pushed the price above the key resistance level at $3.6850, which was the swing high on January 5. A break above this level canceled out the forming double-top chart pattern.
Morpho has also formed a bullish flag pattern and moved above the 50-period moving average. Additionally, it has reached the crossing point of the Murrey Math Lines.
Although the bullish flag is a positive sign, there is a risk that the coin may pull back and retest the support level at $3.6850. This pattern, known as a break-and-retest, is a popular continuation signal.
