Morpho's price rose for the third day in a row and reached an all-time high, making it one of the best-performing DeFi tokens this year.

Morpho (MORPHO) has risen to a record high of $4.2, giving it a market valuation of over $702 million. Its fully diluted valuation rose to $4.1 billion.

This rise occurred amid rising flows into its ecosystem. The total value locked on its platform rose to $3.85 billion, a big jump from $49.2 million in 2022, the data shows.

Of its assets, $2 billion is locked in Ethereum (Ethereum) while the rest is in Base, the second layer network launched by Coinbase.

This growth trajectory has positioned Morpho as a highly profitable player in the market Decentralized finance industry. according to TokenTerminalMorpho has generated $87 million in fees over the past 12 months, making it more profitable than prominent DeFi platforms like JustLend and Pendle.

Morpho's price also rose after Coinbase announced it would begin offering it Crypto loans For US customers. Users will be able to borrow USD (USDC) for Bitcoin (BTC) on the platform within seconds. This announcement is significant, as Coinbase is the largest exchange in the US with millions of users.

The news has increased demand for the Morpho token, with investors anticipating further gains as its technology becomes more widespread. The largest buyer in the last 24 hours spent $1.84 million on Morpho tokens. Additionally, more than 15 users collectively purchased MORPHO tokens worth more than $176,000 in the same period.

Morpho price analysis

The 4-hour chart shows that Morpho price has gone parabolic in recent days. This rally pushed it above the key resistance level at $3.6850, which was its swing high on January 5. A break above this level invalidated the double top chart pattern that was forming.

Morpho also formed a bullish flag chart pattern and moved above the 50 period moving average. In addition, I have reached the point of going beyond the Murray Lines of Mathematics.

While a bullish flag is a positive sign, there is a risk that the coin could pull back and retest the support level at $3.6850. This pattern, known as a break and retest, is a common continuity signal.