crypto.news 2025-05-23 17:40:36

Here’s why Merlin Chain’s MERL token price is soaring

Merlin Chain’s token surged to a multi-month high as its total value locked jumped and as a $1 million trading competition continued. Merlin Chain (MERL) price jumped to $0.1622, up by 132% from its lowest point this year. This surge pushed its market cap to over $102 million. Merlin Chain, which offers a Bitcoin ( BTC ) layer-2 network, has seen an inflow in assets in the past few days. DeFi Llama data shows that the total value locked in the network jumped to $343 million, up from this month’s low of $85 million. You might also like: Bitcoin and altcoins are going down – is this the end of the crypto bull run? Its growth was driven by Solv Protocol’s assets, which jumped to over $283 million, and MerlinSwap with over $26.5 million. The MERL token also jumped as the developers partnered with Binance for a competition that will see users win rewards of up to $1 million. The top 10,000 MERL traders by purchase volume will share 9,840,000 MERL tokens, with each receiving 984 tokens worth about $160. https://twitter.com/MerlinLayer2/status/1925124084842803229 MERL price technical analysis MERL price chart | Source: TradingView The daily chart shows that the MERL price jumped to a high of $0.1622 on Friday, its highest level since January. This rally happened after the token formed a triple-bottom pattern at $0.0770. A triple-bottom comprises three down-peaks and a neckline, which in this case, was at $0.1452. It has moved above the 50-day moving average and the neckline, while the Relative Strength Index and the MACD have all pointed upwards, The token will likely keep rising as bulls target the 50% retracement level at $0.2881, up by 94% above the current level. A drop below the support at $0.10 will invalidate the bullish outlook. You might also like: Jasmy price forms a risky pattern as whales offload