MORPHO dominated price charts over the past 24 hours with an over 7% uptick amidst broad market declines. The cryptocurrency market cap lost 1% in the last day to $3.85 trillion as Bitcoin wavered near $113,100. Key ecosystem milestones fueled MORPHO’s latest jump. Official data shows the decentralised lending platform has surpassed $10 billion in total deposits. Source – Morpho That reflects Morpho’s rise as a recognisable player in the decentralised finance (DeFi) market. Notably, remarkable performance by its multi-chain products, including Morpho Core, Morpho Optimizer, and Morpho Lite, fueled the lender’s growth. They have attracted more users as individuals seek flexible and efficient lending options. Meanwhile, the $10 billion deposit breakthrough indicates trust in Morpho’s utility and future potential, especially as crypto enthusiasts shift from speculative hype to real-world use cases. Morpho’s lively ecosystem Data shows Morpho’s growth is beyond deposits. Its total value locked (TVL) has climbed to $6.7 billion, establishing the platform as among the top lenders in the industry. Furthermore, Morpho now handles over $3.5 billion in active loans. Source – Morpho That confirms intensified activity by borrowers leveraging DeFi credit markets to boost their digital asset investments. Morpho’s ecosystem stats indicate balanced growth. Deposits are meeting notable borrowing activities. That highlights a lively blockchain and not another idle liquidity pool. What’s fueling the popularity? The multi-chain products have kept the protocol afloat. While some platforms offer one lending service, Morpho adopted three different options to ensure diversification. First and foremost, Morpho Core serves as the backbone of the ecosystem’s borrowing and lending marketplace. Casual users can leverage the Morpho Lite, whereas Morpho Optimizer aims to improve rates and maximise efficiency. Meanwhile, these milestones are crucial for investors and day-to-day users. The impressive growth proves Morpho’s resilience as a reliable lending network. The billions figure could attract more institutions, elevating the platform’s legitimacy. The milestone suggests stable liquidity for altcoin enthusiasts looking to invest in MORPHO. MORPHO price outlook The native token defied the broad market outlook as Morpho hit key milestones. It has soared over 7% from $2.2995 to $2.4617 on its daily chart. Chart by CoinMarketCap MORPHO exhibits a bullish outlook after gaining 18% and nearly 25% in the past week and month. Technical indicators demonstrate the altcoin’s upside momentum. The 50 Exponential Moving Average stayed well above the 100 EMA on the daily timeframe, suggesting a bullish trend. The Moving Average Convergence Divergence also sways above the signal line with green histograms. However, the Relative Strength Index at 67 hints at imminent overbought conditions. That means MORPHO might weaken from its current highs before rebounding to higher targets. Continued recoveries will target the supply zone between $2.9 and $3.20. Breaking this obstacle might propel Morpho prices to early 2025 peaks above $4. However, broader sentiments are crucial for MORPHO’s performance, especially as markets brace for Jerome Powell’s speech today . The Fed Chair’s comments are vital as they will reveal the central bank’s potential rate cut decision next month. The post MORPHO price rallies 7% as the DeFi lender crosses $10B in deposits appeared first on Invezz
