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Flare token price rose for two consecutive days and was the best-performing cryptocurrency on Aug. 15. 
Flare (<a href="https://crypto.news/price/flare/" target="_blank" rel="noreferrer noopener">FLR</a>) rose by over 7% on Thursday, Aug. 15, reaching a high of $0.016, up by over 21% from its lowest level this month. However, like other altcoins, it remains in a bear market after falling by over 70% from its highest point this year. It is also hovering near its lowest level since December last year. 
Flare’s rebound occureding durin an otherwise <a href="https://crypto.news/bitcoin-stuck-in-apathy-phase-but-big-moves-are-coming-analyst/" target="_blank" rel="noreferrer noopener">boring day for cryptocurrencies</a>. Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) remained below $60,000, even as U.S. stocks rallied after encouraging retail sales and manufacturing production data. 
A likely reason for the FLR token’s rise is the increase in network transactions this month. 
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 Remarkable increase in <a href="https://twitter.com/FlareNetworks?ref_src=twsrc%5Etfw" target="_blank" rel="">@FlareNetworks</a> TXs since August! <a href="https://t.co/qh6wkIYzhm" target="_blank" rel="">pic.twitter.com/qh6wkIYzhm</a>— Routescan | The Rocket Explorer (@routescan_io) <a href="https://twitter.com/routescan_io/status/1823975886992933324?ref_src=twsrc%5Etfw" target="_blank" rel="">August 15, 2024</a>
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Data from <a href="https://flarescan.com/?_gl=1*ewadja*_ga*MTkxNjcyNDA4NC4xNzIzNzI5ODU0*_ga_6E3C7SMVPH*MTcyMzcyOTg1My4xLjAuMTcyMzcyOTg1My4wLjAuMA.." target="_blank" rel="">Flarescan</a> shows that Flare had over 952,000 transactions on Aug. 14, higher than the 922,000 it had on Aug. 1. Over time, Flare has handled over 343 million transactions.&nbsp; 
Additional data shows that the Flare Network is performing modestly well. According to <a href="https://defillama.com/chain/Flare" target="_blank" rel="">DeFi Llama</a>, the total value locked in the network has jumped to a record high of over $13.6 million, a significant increase from $5.4 million at the start of the year. 
 You might also like: <a href="https://crypto.news/flare-layerzero-integration-blockchains/"> Flare integrates LayerZero V2, connecting to 75 blockchains </a> 
The biggest players in the Flare ecosystem are Clearpool, Sceptre Liquid, Enosys, Kinetic, and SparkDEX. The first three are liquid staking platforms with over $38 million in assets. 
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 Flare price chart | Source: <a href="https://www.tradingview.com/symbols/FLRUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
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A closer look at Flare’s daily chart suggests that it could be ripe 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, which would represent a 100% increase from its Aug. 15 levels. 
For this to happen, Flare will need more catalysts beyond its on-chain metrics. For example, it will require significant ecosystem news accompanied by a strong bullish breakout. 
 You might also like: <a href="https://crypto.news/flare-onboards-google-cloud-as-infrastructure-provider/"> Flare onboards Google Cloud as infrastructure provider </a>

Flare sees gains as transactions rise, falling wedge pattern forms

crypto.news

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