Maple Finance’s native token, SYRUP, is standing out as today’s top gainer, surging 18% as the broader crypto market attempts to extend its recovery for a second consecutive day.
With technical indicators flashing bullish signals, the rally may still have room to run.
SYRUP Rally Gains Steam
SYRUP’s Aroon Up Line continues to flash bullish at 100, confirming that the current uptrend is backed by significant buying pressure.
The Aroon indicator identifies an asset’s trend direction and strength by measuring the time elapsed since the most recent highs or lows.
When the Aroon Up line is at 100%, the asset has reached a recent high within the lookback period, typically 25 periods. This is the case with SYRUP, which has registered a new all-time high of $0.6195 during today’s trading session.
This trend reflects sustained buy-side pressure, suggesting buyers remain firmly in control of SYRUP’s price action.
Furthermore, over the past day, the altcoin’s futures open interest has climbed 16%, indicating heightened market participation driven by bullish sentiment. SYRUP’s open interest stands at $50 billion as of this writing.
Open interest refers to the total number of outstanding futures contracts that have not yet been settled. When open interest rises alongside price, it signals that new money is flowing into the market.
In SYRUP’s case, the uptick in open interest combined with rising prices suggests growing conviction among traders that the bullish move may continue.
SYRUP Stalls Below Record High
At press time, the token trades below its all-time high at $0.6062. The SYRUP could reclaim and break above this price peak with strengthening bullish momentum.
However, if profit-taking resumes, this bullish projection is invalidated. In that scenario, the SYRUP token price could lose some of its recent gains and plunge toward $0.5070.
Disclaimer
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