- Moonwell, at press time, was one of last week’s top performers.
- Volume, TVL and active loans contributing to WELL’s momentum.
Moonwell (WELL), one of the fastest growing lending platforms, has performed well in both lending services and token prices.
According to CoinMarketCap, Moonwell’s native token WELL has surged over 100% in the past seven days, attracting considerable attention in the crypto community.
Moonwell Price Action and Prediction
Moonwell price action is currently bullish with the WELL token trading above $0.05. Since August 20, WELL/USDT has continued to rise after confirming the low during the stock market crash, marking the bottom.
Since then, WELL has maintained a higher trajectory, aiming to break and sustain above the key $0.05 level. If this happens, it could push the token towards the $0.08 target, leading to potential gains of over 63%.
Source: TradingView
Moonwell’s growing market cap suggests growing interest, and if WELL achieves its target, it could set a new all-time high (ATH).
The Bollinger Bands also indicate increased momentum, while the MACD, now bullish, indicates enough volume for the price to continue rising and eventually surpass the $0.08 mark.
On-chain analytics and stakeholder reports also showed positive growth, reinforcing the momentum behind WELL’s rise.
TVL and active loans
From a technical perspective, Moonwell’s migration to the Base blockchain triggered an increase in its total value locked (TVL) and amount borrowed, signaling increased user engagement.
The TVL now stands at $263.36 million, of which $143 million is borrowed. Additionally, active loans increased 56% monthly, while TVL increased 72%, translating to an additional $102 million.
Source: DéfiLlama
Token Terminal data highlights a significant increase in fees generated by Moonwell’s protocol, confirming its steady growth.
WELL volume and net deposits
Trading volume for WELL has also been on an upward trend, with an increase of 204% over the past month, which equates to approximately $70 million.
Net deposits saw similar growth, increasing 63%, totaling $229 million. The market capitalization has increased by 41% in the last 30 days, reinforcing Moonwell’s promising potential.
Source: Token Terminal
For investors looking for both short-term gains and long-term growth, Moonwell’s price action presents a strong opportunity.
If Bitcoin and Ethereum continue their upward momentum, Moonwell’s rewards and liquidity could see an even greater increase, causing the token’s value to rise.
With its positive outlook, WELL is well positioned to continue its rise, potentially reaching new heights in the coming months.
