The Flare token price experienced a notable rise for two consecutive days, making it the best-performing cryptocurrency on August 15. On that day, Flare (FLR) saw an increase of over 7%, reaching a high of $0.016. This represents a 21% rise from its lowest level this month. However, similar to other altcoins, it remains in a bear market, having fallen over 70% from its highest point this year. It is also close to its lowest level since December last year.

This rebound in Flare’s value occurred during an otherwise quiet day for cryptocurrencies. Bitcoin (BTC) remained below $60,000, even as U.S. stocks rallied due to encouraging retail sales and manufacturing production data.

A likely reason for the FLR token’s rise is the increase in network transactions this month. Data shows that Flare had over 952,000 transactions on August 14, higher than the 922,000 recorded on August 1. Over time, Flare has handled over 343 million transactions.

Additional data indicates that the Flare Network is performing well. The total value locked (TVL) in the network has reached a record high of over $13.6 million, a significant increase from $5.4 million at the start of the year.

The biggest players in the Flare ecosystem include Clearpool, Sceptre Liquid, Enosys, Kinetic, and SparkDEX. The first three are liquid staking platforms with over $38 million in assets.

A closer look at Flare’s daily chart suggests potential for a comeback in the near term. The token has formed a falling wedge pattern, which is nearing its confluence level. This pattern is formed by connecting the token’s lower lows and lower highs. Typically, a bullish breakout occurs when the two lines near their convergence. If this pattern materializes, FLR could jump to $0.03260, its highest point on June 6, representing a 100% increase from its August 15 levels.

For this to happen, Flare will need more catalysts beyond its on-chain metrics. Significant ecosystem news accompanied by a strong bullish breakout will be essential.

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