Linear Protocol (LINA) price rally regains steam as DeFi TVL jumps

Linear Finance (LINA) price was among the best-performing cryptocurrency tokens on Wednesday as digital coins rebounded. LINA rose to a high of $0.012, the highest level on March 22. It has risen by 32.40% in the past 24 hours, making it the best-performing token, according to data compiled by Binance.

Linear Protocol growth rises

Linear Protocol is a small but fast-growing cross-chain compatible, delta-one asset protrocol. The platform makes it possible for people to seamlessly and cost-effectively trade liquid assets in its ecosystem.

Linear Protocol’s services include Buildr, exchange, a vault, and a swap feature that makes this possible. For example, its exchange allows people to analyze assets and trade them in an easier and cost-effective manner.

According to the Linear Protocol dashboard, over 1.39 billion LINA tokens have been staked by over 8,000 stakers. LINA has an estimated APY of  37.48%, which is higher than that of other assets. Its weekly rewards totaled over 7.3 million LINA. On the other hand, ℓUSD has an estimated APY of 0.05%.

LINA price has risen as investors increase their allocation to the token because of its high yield. Indeed, the total value locked in its ecosystem has been growing. 

Reminder: $LINA and $LUSD rewards have been distributed, please claim these rewards via https://t.co/uET3cLR7n1 at your earliest convenience. #LinearFinance #LinearExchange #DeFi #Web3 pic.twitter.com/fSuwnylfzj

— Linear Finance (@LinearFinance) March 22, 2023

According to DeFi Llama, the network has a DEFI TVL of over 829k BNB, the highest level since May last year. This amount is significantly higher than November’s low of 815k. In dollar terms, Linear Finance has a TVL of $10.4 million, higher than the November low of $5 million

LINA price prediction

The daily chart shows that LINA price has been in a strong bullish trend in the past few days. It has risen by 165% from its lowest point in December. Further, the token jumped above the key support level at $0.010, the highest point on November 4.

Notably, Linear Protocol is being supported by the 50-day moving average. It has also moved slightly above the key resistance level at $0.0119, the highest level on August 4 last year. 

Most importantly, LINA has formed a double-top pattern at $0.0175.  In most cases, this pattern is usually a bearish sign. Therefore,…