Stella’s native ALPHA token went on a tear today, surging over 50% to reach $0.27 before cooling off to around $0.16 at the time of writing. The altcoin is still up a sizable 37% on the day.
The reason for this sudden eruption in price is not entirely clear. We checked Stella’s official social channels and various Twitter and Telegram groups, but found no major announcements that would explain the pump.
However, Stella did post a recap of their achievements in the second half of 2023 on Twitter today. Highlights include:
- Reaching $6.5M in total value locked (TVL)
- Over 3,500 positions opened on the platform since launch in June
- Average position APR of 156% across strategies
They also teased upcoming improvements including Stella V2 and a tokenomics revamp. This may have gotten traders excited about the project’s future potential.
On the technical front, Stella’s daily RSI recently hit 81 before the pullback. An RSI above 70 is generally considered overbought territory, signaling the crypto may be overextended in the short term. Traders should be cautious about chasing pumps at these levels.
However, the strong fundamentals and developments from Stella suggest this could be a longer-term breakout. RSI above 70 just means a minor cool-off period is likely before any continued upside.
For those unfamiliar, Stella is a DeFi leveraged yield farming protocol. Its goal is to drive more usage of DEXes and money markets by allowing leveraged liquidity providing. Stella wants to become the go-to platform for maximizing yields on any safe DeFi yield strategy.
So while today’s pump may settle back down, Stella’s innovative platform and future roadmap make the project one to watch closely in 2024 and beyond.
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