The DeFi summer hype resulted in the market growth by nearly 40 times. While writing this content, the total value locked stands at $148.96 billion, nearing its ATH at $155 billion. As the DeFi network witnesses solid inflows, some recognized DeFi tokens battle with their critical resistances. What’s behind DeFi’s space simultaneous growth while the related coins struggle?
DeFi Summer Not Over?
According to DeFi Asset Index, most of the top ten decentralized finance assets surged over 20% in the past month. Such actions had Terra (LUNA)’s price increasing by over 116%. However, while writing this, Uniswap leads the DeFi tokens as far as market capitalization is concerned, its market cap hovering at $16.9 billion.
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Meanwhile, DeFi tokens saw bullish sentiments. Metrics such as increased new users and the TVL suggest market upside moves. Keep in mind that DeFi networks have their TVL nearing its ATH at $155 billion. The increased TVL depicts underlying surging token values and heightened deposits and activity in the network.
Moreover, the notable rise in trading volume on DEX supported the upside narrative. Uniswap sees its daily trading volume surging massively. Besides that, unique addresses in the ecosystem have grown, standing at ATH, 3,199,168 while publishing this. With the increased number of new users in the DeFi marketplace, the network will undeniably see extended value rises.
As much as the DeFi market indicates growth, there is a slight probability of DeFi summer.
DeFi Token’s Rally
Most alternative assets appear to take advantage of the recent bullishness in the market to register highs. As much as most DeFi tokens gained, they didn’t reach near their ATHs. Compound, Uniswap, and AAVE struggled to overpower their critical resistances.
According to the 24-hr price chart, AAVE faced a massive resistance near $416. Investors battled to conquer the level but failed. Uniswap’s had its resistance at $30, and COMP’s around $485. Both resistances overpowered bulls.
That shows DeFi tokens struggling even after the DeFi atmosphere depicts general growth.
At this point, the correct catalysts are necessary for DeFi tokens to surge.
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