Morpho (MORPHO) was officially launched in Solana on Thursday, July 9. The official announcement stated that the lending protocol token is now ready to be traded on decentralized exchanges such as Raydium and Jupiter and is fully integrated through Sunrise.
Following this news, token prices rose. gathered 8.34% in 24 hoursWith the increase in daily transaction volume 105% and slightly above the Open Interest increase 18%.
These volume and speculative interest trends indicate the beginning of a short-term upward move. It was like that a week ago reported Standard Chartered estimates $60 Morpho’s target.
The question now is whether this momentum can continue.
Long-term MORPHO outlook
Fixed Range Volume Profile tool and Morpho Price movements since April also underlined a similar fact. The altcoin has been trading in a range but may be close to an uptrend.
RSI certainly agrees. Recent upward momentum pushing prices upwards 43%from $1.59 at current price $2.28It started on June 23.
On the other hand, the A/D indicator is having difficulty recovering from local lows. The downward trend in the volume indicator since March has signaled steady selling pressure despite the consolidation of prices in a certain range.
This range has been extended to: $1.64 to $2.28. The volume profile tool showed slightly different Value Area Highs and Lows. $1.59 and $2.13respectively. In any case, the indicators and range formation showed where the MORPHO reversal could begin.
Investors’ call to action: Wait
A breakout of the uptrend and a retest of the highs as support forms should be a clear buying opportunity. However, since May, the same scenario has happened twice.
Each time, the MORPHO bulls were pushed back. $1.60 They hit local lows before being ready for another rally.
Therefore, although short-term momentum and volume indicators remain bullish, bulls should be wary of a sudden trend reversal.
Daily trading session closed higher $2.42The high at the end of May would be an extremely clear signal of an upward trend. Buyers at current market prices need to have clear exit plans in case the breakout attempt reverses, as has happened twice before.
Final Summary
- Morpho’s prediction of $60 and the token’s readiness for trading on the Solana network helped boost market sentiment.
- Current range formation and volume trends suggest the $2.20-$2.42 area is an important supply zone.
