Flare (FLR) Price Skyrocketed by 21% in 24 Hours Despite Bitcoin (BTC)'s Tamed Movements

Driven by strong fundamentals and investor demand, the token has the potential to be the next star in the coming altcoin season.

Despite Bitcoin’s (BTC) taming movements following the flared-up tension in the Middle East, the price of Flare (FLR) shot up in the past 24 hours. Driven by strong fundamentals and investor demand, the token has the potential to be the next star in the coming altcoin season.

Flare (FLR) Performance

Flare emerged as one of the top gainers today. It exhibited a 21% price action as it skyrocketed from a $0.01467 low to a $0.01782 high in the past 24 hours. As of 3:30 AM UTC, it remained within the $0.016 range to lock around 13% of its accumulated value today.

Along the way, FLR displayed a solid investor interest. Its trading volume spiked more than 305% as over $28.093 million worth of the crypto asset moved between DeFi wallet addresses. The latest movement of the digital asset consequently carried the market cap of its 48.487 million circulating token supply up to $816.49 million.

Flare similarly showed substantial rebounds in the longer timeframes. The token rose by 13% in a week, 7% in a month, and 54% in a year. However, FLR is still notably roughly 79% down from its all-time high of $0.0797 two years ago.

What Drove Prices Up

TradingView’s technical analysis signaled an overall “Buy” signal for Flare. It should be noted, though, that it heavily based the recommendation on its key moving averages indicators. Its commonly used oscillators displayed a “Neutral” evaluation.

Meanwhile, its relative strength index (RSI) momentum indicator remained at the 59 scale, which hinted that there may be more room for the crypto’s further growth before it gets overbought at 70. On the other hand, the one-week and one-month moving averages of the platform leaned toward “Sell,” which investors should consider before holding the digital asset for a longer term.

Will Flare (FLR) Shine Brighter in the Altcoin Season?

Flare undoubtedly has a lot of potential to be one of the main focuses of the next altcoin season. With the gradually waning investor interest in Bitcoin, as the prime cryptocurrency is slowly losing its dominance in the crypto market, it might be long until the alts will finally get their time to shine.

Alongside these developments on the macro, the Flare ecosystem is also thriving, which illustrates its sustainability as a potential long-term investment. It continues to show progress and increased adoption for its Flare Time Series Oracle (FTSO) platform, which it released two years ago.

FTSOv1 was known for its consistent pricing information with zero downtime. Now on its second version, FTSOv2, it capitalizes on the strong pillar established by its predecessor to set a new benchmark for decentralized data security and management.

Moreover, Flare recently completed the open beta for its FAssets. The new platform aims to bring verifiable economic security to BTC, XRP, and Dogecoin (DOGE). It enables decentralized finance for these non-smart contract tokens on the Flare ecosystem.

FAssets lets users mint these tokens’ ERC-20 versions in a trustless manner to unlock their DeFi potential within decentralized applications (dApps) on Flare and other compatible chains.

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