In the last 24 hours, the price of the Derive (DRV) token has risen by more than 40% against the backdrop of Bitcoin and Ethereum's decline. The daily trading volume surged by over 463%, exceeding $25 million. The altcoin was recovering after a 52% correction from its previous all-time high of $0.19.
The initial rise of DRV was linked to its listing on Upbit, but some investors doubted its continuation – soon the altcoin entered a bearish phase that lasted over two months until the recent spike. Bulls have returned the asset to the zone around its ATH, but they will face another test at the same supply level between $0.19 and $0.20 – DRV is approaching this zone for the fourth time, which was a barrier in the previous rally. The rise from $0.09 to $0.20 since August 19 may also be a 'breakout pump.'
Indicators on the 4-hour timeframe suggest otherwise: the price is trading above the 100- and 200-period EMAs, and the Bull Bear Power (BBP) has been green for the last three sessions. At the time of writing, the altcoin was priced at $0.24 after a new ATH of $0.28 a few hours earlier. If DRV loses the $0.13 zone as support, it could return to a correction phase – then a bullish reaction is possible at $0.11 and $0.09.
Investor interest is supported by network upgrades, buybacks, and staking. The 20% rise was triggered by a surge in trading sentiment following the publication of the V3 plan on the project's forum. The chain on OP Stack is being streamlined, and the V3 update will move storage to the main Ethereum and separate risk books so that real-world assets (RWA) and more altcoins can be listed faster. Additionally, 35% of the protocol's fees are directed towards buying back DRV. The 84th weekly buyback acquired 199.76k DRV at an average price of $0.14, bringing the total volume to 27.645 million tokens – this keeps the circulating supply under control. Over 67.63% of the supply is in staking. The continuation of DRV's growth will depend on these fundamental factors and the technical picture.
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