The decentralized finance (DeFi) lending protocol BENQI (QI) on the Avalanche blockchain has seen its governance token QI go on a strong price run this week. QI has pumped over 45% based on data from Binance after a major breakout. Analyst Javon Marks believes this could be the start of an over 1,300% price surge if momentum continues.
What Is BENQI?
BENQI offers users a platform to lend, borrow, and earn interest on their crypto assets as an alternative to congested networks like Ethereum. As the first DeFi lending project built on Avalanche, BENQI aims to provide a faster and cheaper solution for decentralized finance.
As one post explained, “BENQI is a decentralized liquidity market and liquid staking protocol built on the Avalanche network. Users can lend, borrow, and earn interest using their digital assets.”
QI Price Action
QI has seen intense buying pressure this week. According to Binance data, the price spiked over 45% in recent days. Analyst Javon Marks spotted a key breakout triggering the pump.
He noted, “$QI (#BENQI)’s prices, with a holding breakout, can be set for another >1350% (14.4X+) increase to reach the $0.24365 target…”
Parabolic Prediction
Javon is predicting QI could rise over 1,300% from breakout levels near $0.012. This would push QI all the way to $0.24365 per token – over 14 times higher than today’s prices near $0.015.
As another post added details, “From the Qi’s price chart, the price spike from $0.012 where it broke out from, spiked to $0.016 and and it is now trading at $0.015.” QI has already topped $0.016 briefly, showcasing the powerful momentum.
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DeFi Strength
The surge in BENQI’s governance token QI signals renewed interest in decentralized finance on alternative blockchains like Avalanche. By offering faster and cheaper transactions than Ethereum, BENQI attracts liquidity and users to power expansion.
With analyst Javon Marks setting a bullish target suggesting 1,300%+ upside, QI’s pump may have much further to run if the protocol continues gaining DeFi market share on Avalanche.
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