Yearn.finance’s YFI has been caught within the throes of an intense uptrend throughout the past few days, with its recent lows of $7,500 looking more and more like a long-term bottom as money keeps flowing into the Yearn.finance’s YFI token is trading up over 15% at its current price of $17,400. This is a massive rise from its one-week lows of $7,500 set just a few days ago.
The crypto had previously seen immense weakness that came about due to heavy sell-side pressure and stacked short positions on margin trading platforms.
The breakout rally that led it from $7,500 to highs of $18,000 in a matter of hours liquidated most of these short positions and has provided it with a good base to grow upon.
YFI Leads Aggregated DeFi Market Higher
Currently, out of all the top DeFi tokens, YFI is by far the best performing. It is up well over 100% from its recent lows and is showing few signs of slowing down anytime soon.
One analyst spoke about its performance in a recent tweet, saying:
“Friendly reminder all bluechips are not created equal. My pocket rockets continue to be YFI and AAVE for the foreseeable future, coincidentally also the top performers of this cycle so far.”
Image Courtesy of Hsaka. Source: TradingView.
If Yearn.finance’s YFI can break above $20,000 next, this could spark a second wave of DeFi mania that sends many tokens rocketing higher.
Featured image from Unsplash. Charts from TradingView.