- Moonwell was, as at the time of writing, one of the best performers of the past week.
- Volume, TVL and active loans contribute to WELL’s momentum.
Moonwell [WELL]one of the fastest growing lending platforms, has performed well both in terms of lending and token price performance.
According to CoinMarketCap, Moonwell’s native token, WELL, has risen more than 100% in the past seven days, gaining significant attention in the crypto community.
Moonwell Price Action and Prediction
Moonwell’s price action is currently bullish, with the WELL token trading above $0.05. Since August 20, WELL/USDT has been steadily rising after confirming the bottom mark during the market crash, marking the bottom.
Since then, WELL has maintained a higher trajectory, aiming to break the $0.05 level and hold it above the key level. If this happens, it could push the token towards the $0.08 target, resulting in a potential gain of over 63%.
Source: TradingView
Moonwell’s rising market cap signals growing interest, and if WELL hits its target, it could reach a new all-time high (ATH).
The Bollinger Bands also indicate increased momentum, while the MACD, which has turned bullish, indicates enough volume for the price to continue moving higher and possibly breach the $0.08 mark.
On-chain analytics and stakeholder reports have also shown positive growth, adding to the momentum behind WELL’s rise.
TVL and active loans
From a technical perspective, Moonwell’s migration to the Base blockchain has led to an increase in total value (TVL) and loan amount, indicating greater user engagement.
The TVL now stands at $263.36 million, of which $143 million is borrowed. Additionally, active loans have grown 56% month-over-month, while TVL has increased 72%, translating to an additional $102 million.
Source: DefiLlama
Data from Token Terminal further highlights a significant increase in fees generated by the Moonwell protocol, confirming its steady growth.
WELL volume and net deposits
Trading volume for WELL has also been on an upward trend, increasing 204% in the past month, amounting to approximately $70 million.
Net deposits have shown similar growth, increasing 63% to a total of $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 wagering rewards and liquidity could get an even bigger boost, driving the token’s value higher.
With its positive outlook, WELL is well positioned to continue its rise and possibly reach new highs in the coming months.