However, overbought conditions signal a potential pullback.
Fluid (FLUID) price spiked by more than 50% in 24 hours as Upbit, South Korea’s top cryptocurrency exchange, added trading support for the DeFi protocol’s native token.
The listing of the lending protocol’s token injected fresh momentum. It added to an upbeat sentiment that aligns with Fluid’s expansion to the Solana ecosystem.
Upbit is South Korea’s largest crypto exchange, and its move to list FLUID with trading pairs for Korean won, Bitcoin, and USDT triggered an immediate price rally.
Upbit, dominant in South Korea, often sees significant spikes in trading volume for new assets, and Fluid did not buck the trend.
The altcoin’s price jumped by more than 50% within hours, allowing bulls to retest bears’ resolve above the $9.00 mark.
It’s the first time the lending protocol has climbed to these levels since February 2025.
The altcoin traded around $8.20 at the time of writing.
Per CoinMarketCap, an initial trading volume surge for FLUID recorded an impressive 1,600% spike to over $34.5 million.
With South Korean traders, known for their aggressive buying strategies, flooding the buying zone, it’s no surprise liquidity is exploding.
Some notable tokens to record price and volume surges on Upbit listing include RedStone, Flock, Omni Network, and Treehouse.
Further price gains will extend Fluid’s gains as the community also cheers expansion to Solana. FLUID is live on Jupiter exchange, powered by Meteora.
The uptick in price comes as the total value locked/price ratio for Fluid shows a remarkable increase of over 185%.
Gains across the board align with a surge in bullish calls for FLUID, which has a score of 89% on CoinMarketCap. This outlook reflects on the technical front.
The moving average convergence divergence indicator (MACD) signals a bullish crossover while the relative strength index hovers at 71.
On the 3-hour chart, FLUID is showing signs of a strong breakout after an extended period of consolidation and downward pressure.
The Bollinger Bands have widened sharply following a prolonged squeeze, a move that often points to heightened volatility ahead.
Based on the height of the previous consolidation range, the breakout projects a potential upside target in the $8.50-$9.00 area, with initial resistance expected near $7.50.
A confluence of these and other factors suggests further gains into the overbought territory.
Contingent on broader market sentiment, FLUID could break above $10 and target a 100% leg up towards $20.
The all-time high of $29.36 reached in 2021 remains a big target for buyers.
However, broader market weakness amid macroeconomic and regulatory headwinds might see bears seize on the opportunity.
