FLR leads top altcoins in 24-hour gains despite market wide selloff

FLR has emerged as one of the leading gainers among the top 100 cryptocurrencies, witnessing a 21% increase in its price in the last 24 hours, driven by positive developments in its ecosystem.

Flare (FLR) rose from $0.0149 to $0.0178 and finally stabilized around $0.016 at the time of writing. This significant increase solidified a 12% gain for the day and increased the market value of the 48.487 million token supply in circulation to approximately $819.2 million, while much of the crypto market struggled with Wall Street trading in the red.

FLR’s price increase coincides with an explosive increase in trading volume, up over 390%, translating into more than $30 million worth of tokens exchanged.

Strategic growth and technological integrations

Flare Network is actively expanding its technological and strategic footprint, which has contributed to its recent price performance.

Key developments include the integration of Google Cloud as an infrastructure provider earlier this year; This partnership significantly improves the network’s data processing and verification capabilities, elevating its position in the blockchain ecosystem.

In an aggressive effort to drive sustainable growth, Flare has committed to reinvesting 50% of FLR token sales into the ecosystem. This strategic reinvestment is devoted to the development of vital network functions, including lending protocols and decentralized exchanges, aimed at increasing both the utility and intrinsic value of the FLR token.

Additionally, Flare recently implemented a token burn policy that eliminated 66 million FLR tokens from the total supply. This reinforces the bullish narrative, as decreasing supply tends to increase scarcity and potentially increase the value of the token.

Market sentiment

According to data from CoinMarketCap, public sentiment around the token was largely bullish, with the majority of community members expecting the rally to continue.

Technical indicators such as the Moving Average Convergence Divergence on the 1-day price chart indicate a bullish trend where the MACD line crosses above the signal line; This is a pattern that typically means the strength of an uptrend is building.

FLR price, MACD and RSI chart – October 2 | Source: crypto..news

However, the suppressed histogram suggests that while momentum is rising, it may not be strong enough for a major breakout yet.

The Relative Strength Index further confirms this view, standing at 58.83, above the midpoint but below the overbought threshold; It indicates a slight but persistent upward trend.