- Elrond price has soared more than 20% in the past 24 hours, touching a new all-time high of $492
- Network growth could spur further adoption and see EGLD rally higher
- The launch of the Maiar DEX is one of the biggest developments for Elrond
Elrond (EGLD) is trading near $490 as bulls look to break above the psychological $500 mark level with a hot streak that has seen the native EGLD token surge by more than 20% in the past 24 hours and over 53% in the past week.
As the token edges closer to a new all-time high, crypto analyst Brad Laurie says this might just be the beginning for the Elrond price.
According to him, the impressive performance over the past week could be eclipsed soon given the potential for a spike in network activity and adoption. This, he noted shortly before EGLD hit prices above $480, could be spurred by a host of startups building on the dynamic proof of stake network.
If you think $EGLD ‘s price growth is impressive, wait until you see what happens with many startups/tkns coming to their platform! They have so many big influencer backers, many exchanges, certain #crypto VCs, media agencies, & other launchpad networks etc, all supporting them.
— Brad Laurie (@Brad_Laurie) November 22, 2021
Earlier this month, crypto analyst Ali Martinez said Elrond was “in price discovery mode” and that sustained momentum above the $303-$296 support zone would likely see it hit a new all-time high of $440 there is a high probability EGLD will rise to a new all-time high of $440.
It followed a breakout from an ascending triangle pattern, and the upside could extend to the 200% Fibonacci retracement level to see EGLD price target highs near $500.
Another analyst says Elrond’s recent upside sees the cryptocurrency mirror the price trajectory of Avalanche (AVAX), which has been one of the top performers over the past few weeks.
Elrond’s price has gained fresh momentum since Friday, 19 November, when the Maiar DEX went live. The exchange is a super platform set to revolutionise the DeFi ecosystem with its massive scalability, with the community excited even further with the announcement of an incentive program for miners to the tune of $1.29 billion. Liquidity providers will benefit whenever they stake their EGLD, MEX tokens, or USD Coin (USDC).