BERA Surges 11% in 24 Hours as Daily Transactions Spike

Berachain (BERA) has been making waves in the cryptocurrency market, with a significant surge in its price and trading activity. The token has seen an 11% rise over the past 24 hours, with its volume reaching a substantial $500 million during this phase. This growth can be attributed to increased transaction activity on its blockchain, which has drawn the attention of traders and investors alike.

Data from Artemis indicates a notable surge in activity on BERA Chain, with daily transactions climbing significantly. The number of daily transactions, which records buying and selling activity on the chain, spiked from a low of 1.3 million on the 23rd of February to a press time reading of 2.2 million. This increase in activity is accompanied by a rise in the number of daily active addresses on BERA, reaching a new high of 29,600. This suggests a renewed confidence in the asset and the possibility of further buying activity in the coming weeks.

Analyzing the 4-hour timeframe, BERA was trading within a bullish symmetrical triangle pattern, which often precedes a market rally. As of this writing, BERA was trading at the resistance level of this pattern. A successful breakout could trigger a rally, with two key targets: a short-term move to $9.80 and a long-term surge to $15.50, representing a 95.26% price increase. However, if the breakout attempt fails, BERA could consolidate further within the symmetrical triangle, with market participants accumulating the asset at a lower cost ahead of the rally.

Derivatives traders have also been speculating on BERA, with Open Interest rising by 14.17% in the past 24 hours, from $94.26 million to $116.95 million. This increase in liquidity, coupled with a Long-to-Short ratio above 1, indicates stronger buying activity and a bullish sentiment in the derivatives market. Continued buying pressure in this market could help BERA break through the resistance level currently limiting its rally.