Linea’s price surged over 20% on Saturday as investors capitalized on its post-airdrop dip, pushing its market cap above $418 million.
The rebound comes amid a dramatic rise in ecosystem metrics, with total value locked (TVL) hitting a record high of $1.94 billion, driven by key dApps like Aave. Linea (LINEA) is positioning itself to become a dominant force in DeFi, with stablecoin inflows and decentralized exchange volume both showing impressive growth.
The Consensys-created layer-2 network could be entering the markup phase of the Wyckoff Theory, signaling further potential gains.
Summary
- Linea price jumped as the total value locked in the network jumped to $1.94 billion.
- The DEX volume has jumped to $1.97 billion this month so far.
- Data shows that the amount of stablecoins in the network jumped to a record high.
Can Linea position itself as the leading L2 by TVL?
Linea jumped to $0.027, up by 30% from its lowest level this week. This jump brought its market capitalization to over $418 million.
Linea price rose as key metrics on its ecosystem jumped to a record high, a sign of its improving ecosystem. Its total value locked jumped to over $1.94 billion, much higher than the year-to-date low of $147 million.
Aave (AAVE), the biggest player in decentralized finance, has led this growth. Its TVL soared to over $1.1 billion, while its 24-hour fees in the network jumped to over $90,000. The other top dApps in the network are Renzo, Etherex, and Euler.
This growth aligns with Linea’s goal of becoming the biggest layer-2 in terms of DeFi TVL. To achieve that goal, it will need to pass Base and Arbitrum, which have $7 billion and $4 billion in assets.
Additionally, Linea is becoming a major player in the decentralized exchange industry. dApps in its network handled volume worth $1.97 billion this month so far, slightly lower than the $2 billion they handled last month. These are big numbers for a network that handled just $258 million in July.
The amount of stablecoins on the network is soaring. Its stablecoins jumped by over 1.5% in the last seven days to $298 million, with USD Coin having the most significant market share.
Linea price analysis
The 30-minute chart shows that the Linea crypto price bottomed at $0.02168, a level it failed to move below after its airdrop. This rebound could be happening as investors buy the dip.
While it is too early to tell, there are signs that it is about to move to the markup phase of the Wyckoff Theory. If this happens, it could jump sharply, potentially to the key resistance level at $0.050, which is about 96% above the current level.
