According to crypto.news, Flare (FLR) surged to an 8-month high of $0.028 on September 24 before settling at $0.026 at the time of writing. This marks a 30% gain from its monthly low and a 136% increase from its lowest level this year.
FLR’s rally coincided with a notable spike in daily trading volume, signaling heightened trader demand. Over the past 24 hours, its trading volume surged more than 350%, while derivatives volume jumped 335% to $15.8 million, according to CoinGlass data.
Meanwhile, open interest in FLR futures rose 23.8%, a move typically seen as a strong trend supported by fresh liquidity when paired with upward price action. The token’s long/short ratio exceeding 2.4 across major time frames further confirms a bullish market sentiment, with more traders betting on upward momentum.
Much of the optimism stems from the launch of the first live instance of Flare’s FAssets protocol with FXRP, allowing XRP holders to mint a wrapped version of XRP on the Flare network for use across DeFi protocols. This development boosted FLR’s social sentiment, according to Santiment, and drew attention from the active XRP community, known for supporting projects that expand the utility of their native token.
FLR price analysis
On the daily chart, FLR broke out of its $0.023–$0.025 consolidation range, where it had been trading for the past week. The breakout signals bullish dominance, as selling pressure eased following the FXRP news.
The 20-day simple moving average (SMA) has crossed above the 50-day SMA, forming a bullish crossover—a classic technical signal that the asset may be exiting consolidation and entering an uptrend.
Adding to the optimism, momentum indicators like the MACD are trending upward, suggesting the market is regaining strength following recent weakness.
With community sentiment remaining positive and the RSI still below overbought levels, the short-term potential for further upside persists.
FLR is therefore likely to rally toward $0.032, corresponding to the 61.8% Fibonacci retracement level—about 23% above the current price.
On the downside, if the bullish momentum wanes, key support sits at $0.023, aligned with the 20-day SMA.
