Berachain (BERA) Price Surges 60% as Its DeFi Ecosystem Booms

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

Berachain (BERA) price surged to $8.60 on Thursday, heating up in recent days as its token soars and decentralized finance ecosystem booms.

The crypto is now up more than 60% from its lowest point in March, with the gains coming as network growth continues.

A good example is the decentralized exchange industry, where protocols built on Berachain are seeing increasing volumes.

DeFi Llama data shows that the weekly volume handled by these protocols increased by 105% to $519 million.

This pushes the cumulative volume handled by the network to $2.17 billion, with most of the activity coming from BEX, which saw $364 million in volume over the past seven days.

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

Berachain’s total value locked in DeFi is also heating up, making it the seventh-biggest chain in crypto. Its assets have now increased 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 come at a time when other large chains like Solana (SOL), Ethereum (ETH), and Tron (TRX) are slowing down. The TVL of these three chains has dropped by more than 20% in the last 30 days.

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

Berachain price analysis

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.