Meteora (MET) continued its bullish advance by delivering more daily gains after confirming a bullish breakout above a major resistance level. In fact, at the time of writing, the token was up 58% on the charts.
The latest aggressive push cleared the $0.4140-resistance that had previously capped its previous bullish advances, as predicted earlier. Moreover, the breakout also strengthened the bullish market structure and redirected token’s buyers and bulls’ attention towards the all-time high at $0.6161.
Notably, the move has been accompanied by a sharp hike in market activity. The key question now is whether the network bull will keep the momentum going.
Trading volume signals strong buyer participation
According to AMBCrypto’s analysis, the network’s trading volume surge stands out as one of the strongest confirmations behind MET’s breakout.
Meteora’s traded volume spiked aggressively by 517% to $371.66 million in just 24 hours. This suggested that fresh capital was flowing into the token as buyers chase the breakout. If this level of participation persists, bulls could have enough momentum to continue pressing higher.
Falling funding rate sparks some cautionary signals
Despite the impressive price action, however, the derivatives data seemed to tell us a slightly different story. MET’s funding rate fell significantly over the same period, suggesting that leveraged long positioning may be easing up.
Additionally, the token’s average aggregated funding rate stood at -0.4221 at press time. This reading was far less than the average predicted aggregated funding rate.
Can MET hit its all-time high?
On the daily charts, the next significant target for buyers and Meteora bulls is the $0.6161 resistance level. This level is its most recent all-time high.
With Meteora bulls managing to clear the $0.4140-resistance and the network’s trading volume exponentially increasing, the technical backdrop has been constructive. Notably, at press time, MET was still trading above all its key EMAs, meaning that the bulls were still in control.
A successful defense of the breakout level could encourage another wave of buying towards record highs. Especially given that there seemed to be an unmitigated liquidity cluster worth about $12.09 million around the resistance level.
Final Summary
- MET recorded a significant daily surge, extending yesterday’s rally after breaking above the key $0.4140-resistance level.
- Despite surge in network’s trading volume, declining funding rates suggested the rally was being driven more by spot demand than aggressive leveraged positioning.
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