Market Performance

Meteora [MET] has extended its bullish momentum after successfully defending a key technical support level on the daily timeframe. At press time, the token rebounded from the $0.30 EMA support, posting a 10% gain over the past 24 hours as buyers regained control.

Recent Price Action

The recovery has attracted fresh market interest, with trading activity accelerating alongside the price move. The positive gains come just days after the token's price action managed to break free from a long-term pennant consolidation pattern.

On-Chain Metrics

What is more intriguing is that MET is still trading above all key EMA support, suggesting that the market bulls are likely to keep pushing. Unlike rallies driven purely by speculation, MET's latest advance is being accompanied by improving on-chain metrics. Its market activity and DEX volume are all on an upward trajectory.

DEX Volume and Active Addresses

One of the biggest drivers behind the rally is the sharp increase in network usage. Both DEX trading volume and active wallet addresses have recorded a steady rise over the past day, indicating that more users are interacting with the ecosystem. At the time of writing, the network DEX volume had risen to $187 million, while the number of active addresses had shot to a new weekly high at 175K.

Trading Volume

At the same time, the token's overall trading volume has increased fourfold to $61.99 million, reinforcing the strength of the current move. All in all, the combination of rising DEX activity, increasing active addresses, and a fourfold jump in trading volume paints a constructive picture for MET.

Future Outlook

If these on-chain metrics continue improving and buyers defend the recent breakout, the token could extend its bullish momentum to retest the next resistance in line at around $0.41.

About the Author

Kelvin Murithi is a crypto journalist and on-chain analyst covering market structure, price action and blockchain data. He is a Bsc. Actuarial Science graduate and harnesses his statistical and data analysis skills to translate complex metrics into clear insights for everyday crypto investors.