The price of Flare (FLR) has surged by approximately 7% today, drawing attention from crypto enthusiasts as it outperforms many other cryptocurrencies that are experiencing declines. This uptick has sparked curiosity regarding the factors behind the token’s rise.
Axel Bitblaze (@Axel_bitblaze69) noted, “Right now L1s are outperforming L2s, and @FlareNetworks is one of those L1s which is quietly gaining momentum, with their TVL steadily increasing.” He attributed part of this growth to Flare’s substantial $510 million DeFi emissions program.
He encouraged users to get involved by bridging USDT or USDC via Stargate to access the DeFi dApps on the Flare network. “More liquidity inflow leads to more TVL,” he stated, emphasizing the opportunity while clarifying that his insights are speculative.
Axel further mentioned the possibility of an L0 Season 2 airdrop, contingent on activities through Stargate. He provided a step-by-step guide for participation:
- Bridge USDT from any chain to the Flare network via @StargateFinance, receiving some $FLR for gas fees on your first transaction.
- Swap half of your USDT for either $WFLR or $USDC on platforms like @blazeswapdex or @SparkDexAI.
- Provide liquidity in pairs such as WFLR/USDT or USDT/USDC to take advantage of attractive APRs—around 34% for stablecoin pairs and 70% for USDT/WFLR
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +He also suggested that participants could lend and borrow stablecoins on @Kinetic_Markets to enhance their liquidity provision strategy, depending on their risk tolerance. Axel concluded by highlighting the potential of Flare as a lesser-known L1, supported by significant funding and strategic partnerships.
Analyst Sees a Possible 150% FLR Price Spike
CryptoJack, another analyst, provided a technical perspective. He pointed out a clear support zone in the price chart, where FLR has consistently rebounded.
He identified a bullish engulfing candle forming at this support level, signaling a potential shift in momentum towards the bulls.
Read Also: What’s Next for Ripple Following SEC Appeal? Will XRP Price Crash?
CryptoJack projected that following this bullish pattern, FLR could see a rally towards resistance levels between $0.035 and $0.04, representing a potential increase of 150% from its current price of around $0.016.
He noted that while the price has been in a prolonged downtrend since May, the recent bounce and bullish engulfing candle might indicate a trend reversal.
In summary, both analysts see strong potential for Flare as it gains traction in the market, driven by increased liquidity and positive technical indicators.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
