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The DeepBook price continued its upward momentum on Monday, reaching its highest level since February 1. The token surged to $0.2525, marking a remarkable 400% increase from its lowest point earlier this month. This rally pushed DeepBook’s market capitalization to $693 million.

Transaction Volume Growth

Recent data shows significant growth in transaction volume on the DeepBook network. According to analytics, transaction volume increased by 135% over the past seven days to $130 million. Over the past 30 days, the volume reached $413 million, with a cumulative total of $8.7 billion since the network’s inception.

The rise in transaction activity has been attributed to the ongoing rally of meme coins within the Sui network. The total market capitalization of these coins grew by 2% in the last 24 hours, reaching $203 million. Leading gainers include Miu, Lofi, MemeFi, and Sudeng.

DeepBook v3.1 Upgrade

The rally in DeepBook’s price was further bolstered by the recent launch of its v3.1 upgrade. This update introduced several new features aimed at enhancing user experience and increasing market share. Key highlights of the upgrade include:

  • Permissionless pools: Users can now create custom trading pairs, improving flexibility.
  • Third-party liquidations: This feature supports margin trading protocols and liquidation bots.
  • Reduced fees: Taker fees dropped from 5bps to 1bps, while maker fees were eliminated entirely.
  • No token requirement: Users no longer need to hold DEEP tokens to trade on the platform.

Additionally, DeepBook secured a listing on Upbit, South Korea’s largest cryptocurrency exchange, further fueling its price surge.

Technical Analysis of DeepBook Price

The daily chart reveals that the DEEP token reached a low of $0.04593 on April 7 before rallying to $0.2525. This rebound followed the formation of a falling wedge pattern, a widely recognized bullish reversal signal.

DeepBook’s price broke above the 38.2% Fibonacci retracement level and surpassed the 50-day moving average, signaling bullish market sentiment. However, caution is warranted as both the Relative Strength Index (RSI) and the Stochastic Oscillator indicate overbought conditions.

While the upward trend may persist, there is potential for a short-term pullback. Key support levels include $0.1360, which aligns with the 61.8% Fibonacci retracement level. On the upside, a breakout above $0.2525 could pave the way for further gains, with the next target being the all-time high of $0.3465.

“DeepBook v3.1 marks a new era for on-chain trading—designed for builders, traders, and everyone in between.”

The combination of improved network features, growing transaction volume, and favorable technical indicators positions DeepBook as a noteworthy contender in the cryptocurrency space. Investors and traders should monitor price movements closely to identify potential opportunities.

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