Curve Finance [CRV] climbs up double digits, but is it enough for the DeFi token?

DeFi tokens, including  Curve DAO Token [CRV], Uniswap [UNI], and 1INCH, were part of the cryptocurrencies that surged as of 29 July. In addition, none of the tokens gained as much as CRV throughout the uptick.

Like it did some days back, CRV hit as high as $1.56— a new monthly high. As of 29 July, CRV was up 14.89% as per CoinMarketCap. Other DeFi protocols also got good gains. UNI increased 5.16% to $8.68 while 1INCH hit 4.56%, increasing its market cap to $426 million.

The king retains the crown

CRV had proven to be the undisputable DeFi king. After outshining others in price movement, it remained on top in other aspects. According to Delphi Digital, Curve’s second version performed exceptionally over Uniwswap V3.

https://twitter.com/Delphi_Digital/status/1552292760719425538

The crypto research institute also noted that CRV accounted for recent transactions that passed through Decentralized Exchanges (DEX).

Besides the uptick, CRV’s price action has been impressive. On 28 July, CRV skyrocketed from $1.27 to $1.51. However, there has been a slight downfall in its price at the time of this report. At press time, CRV traded at $1.41. Additionally, the Relative Strength Index (RSI) further stood above the 50 level after witnessing a slight drop in the last 48 hours. 

Source: TradingView

While CRV has an excellent potential to increase its rally, it could also retrace before going on an uptrend. Per the update, CRV is likely to remain around the $1.40 to $1.50 region. Besides the technical price outlook, on-chain metrics favor a further CRV uptick.

On-chain analysis

Both the volume and active addresses on the CRV chain have increased remarkably. According to Santiment, the volume of CRV moved from 236.66 million to 434.70 million as of 29 July.

Source: Santiment

Although the 24-hour active addresses have not surged as they did on 22 July, the recent one was not bad either. On 28 July, this number stood at 867. However, as of 29 July, it had increased to 1212.

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