BENQI (QI), a leading decentralized finance protocol enabling lending, borrowing, and liquid staking solutions for the Avalanche ecosystem, extended its vertical rally another 28% amid steadily improving adoption metrics.
Surging trade volumes have propelled the previously obscure QI token to trend both on Binance and CoinMarketCap – evidencing revived interest in the DeFi platform. We examine the latest catalysts driving this breakout.
What you'll learn 👉
Total Value Locked Soars Above $500 Million
According to reliable TVL aggregator DefiLlama, BENQI now boasts over $550 million worth of total user funds deployed inside its smart contracts.
This sustained exponential growth reaffirms BENQI’s increasing mindshare among participants on the popular programmable blockchain Avalanche, where it offers attractive yield opportunities.
As more value floods into BENQI for lending or liquid staking services, the fixed supply governance token appreciates in tandem – explaining its abrupt 25% short term surge as a proxy for adoption.
Daily RSI Climbs To 69
Mirroring price appreciation, BENQI’s daily Relative Strength Index (RSI) gauge now stands around 69 after the latest rally – creeping toward the 70 threshold defining overbought short term conditions.
While not yet signaling the 1-3 day momentum has become critically overextended, readings at these levels do imply the vertical ascent exceeds sustainability without a period of cooldown.
Pullbacks remain likely before continuation materializes, so prudent trading plans should anticipate some two-sided choppiness looking ahead. Still, growing platform usage appears to support a durable strengthening of the price structure.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +Analyst expects run to $0.041
According to crypto trader Decilizer, QI has gained momentum with a huge volume after it broke its resistance. The trader expects another run towards the $0.041 level.
QIhas surged form a 24 hour low of $0.0184 to a high of $0.02826 before falling to its current price of $0.02438. QI’s market cap stands at $108 million at press time.
Stepping back, QI’s breakout runs concurrent with a broader revival in activity and sentiment returning to Ethereum challenger Avalanche.
Just as DeFi insanity propelled the chain and token’s parabolic advance last summer, expectations of history repeating itself make AVAX and partners like BENQI prime candidates for explosive reruns if risk-on crypto tailwinds persist.
So in summary, the BENQI price stands firmly tied to its base blockchain – making the recent confirmation of user growth resurgence a bullish indicator of its own outpacing competitors and microcap valuations.
You may also be interested in:
- Expert Urges Caution on Long-Term Meme Coin Holdings; Dogecoin (DOGE), Shiba Inu (SHIB), and Others
- Stacks (STX) and Pyth Network (PYTH) Prices Pumping – Here’s Why
- SEC vs Ripple Lawsuit Prompts Investors to Turn Towards BlockDAG’s $2M Presale
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
