BERA price could surge 50% as Berachain DEX volume doubles

Berachain, the fast-growing layer-1 network, is performing well as its token rises and its decentralized finance ecosystem booms.

Berachain (BERA) price rose to $8.60 on Thursday, up 60% from its lowest point in March.

The ongoing surge has come as network growth gains momentum. A good example is the decentralized exchange industry, where protocols built on Berachain are gaining traction.

DeFi Llama data shows that the weekly volume handled by these protocols rose by 105% to $519 million. This increase has pushed the cumulative volume handled by the network to $2.17 billion, with most of the activity coming from BEX, which processed $364 million in the past seven days.

Volumes on other DEXs within the Berachain ecosystem, such as Kodiak, Bulla Exchange, and Amped Finance, also rose by over 100%.

Berachain’s total value locked in DeFi is also rising, making it the seventh-biggest chain in crypto. Its assets have jumped by 40% in the last 30 days to $2.94 billion, while its stablecoin market cap crossed the $2 billion milestone.

Berachain’s growth in the DeFi and DeX industry has grown at a time when other large chains like Solana (SOL), Ethereum (ETH), and Tron (TRX) are slowing. The TVL of these three chains has dropped by over 20% in the past 30 days.

BERA has also surged following the launch of proof of liquidity, a feature that helps decentralize the network.

You might also like: Berachain rolls out ‘proof-of-liquidity’ system to further decentralize governance

BERA price analysis

Berachain price chart | Source: crypto.news

The two-hour chart shows that Berachain price has been in a steady uptrend over the past few days. It rose from this month’s low of $5.2830 to a high of $9.50, and remains slightly above the 50-period moving average.

Most importantly, the token has formed a cup and handle pattern, with the upper side at $9.16. The recent pullback has formed the handle portion of this pattern.

This cup had a depth of 38%, and measuring this distance from the upper side implies a potential move to $12.60, which is about 50% above the current level.

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