IOTA’s Rebased Upgrade Sparks Record TVL Surge—Bullish Breakout Imminent
IOTA just flipped the script. Its rebased upgrade—a technical overhaul most projects only dream of executing cleanly—has catapulted Total Value Locked (TVL) to all-time highs. The token’s chart? A coiled spring.
The Rebase Effect
Forget ‘if it ain’t broke.’ IOTA’s rebuild-from-scratch approach just proved DeFi degens love nothing more than a fresh coat of code—even if they’d struggle to explain how it works. TVL doesn’t lie.
Price Action Whispering ‘Breakout’
Traders are front-running the usual suspects: hype cycles, exchange listings, and that one influencer who’ll inevitably claim they ‘called it.’ Meanwhile, the token’s consolidation pattern screams bullish—if you ignore the occasional whale dump.
The Cynic’s Corner
Let’s be real—half the liquidity propping up this TVL record is probably yield farmers who’ll vanish faster than a Bitcoin maximalist at an Ethereum meetup. But for now? Momentum’s king.
IOTA transactions and TVL jumps
IOTA (IOTA) token was trading around $0.2125 at last check on Aug. 17, up by 50% from its lowest level this year.
IOTA, a layer-1 network, is performing relatively well, just a few months after launching the Rebased upgrade.Rebased was a major upgrade that introduced more decentralization by adding new validators.
It also enabled IOTA holders to stake their tokens and earn double-digit returns. Nansen data shows that it now has staking yield of 13%, higher than most coins.
Rebased also introduced MoveVM smart contracts, enabling developers to build their decentralized applications in areas like DeFi and gaming.
Data shows that the total value locked in IOTA’s platform has continued rising this month and currently stands at an all-time high. Swirl, the biggest liquid staking platform, jumped by 2.8% in the last 30 days to $17.14 million.
Pools Finance’s TVL ROSE to $11 million, while Virtue has gained $8.14 million. This brings its TVL to $36 million, up from $10 million in July this year. While this TVL is still smaller compared to its peers, it is moving in the right direction.
IOTA’s network is also growing in terms of transaction growth. It handled 779,900 transactions in the last 30 days, a 31% increase, indicating that users are interacting with it.
IOTA price technical analysis
The daily timeframe chart shows that the IOTA token formed a double-bottom pattern at $0.1420, its lowest level in April and June this year. A double-bottom is a typical bullish reversal pattern characterized by two distinct lows and a neckline, which, in this case, is at $0.2742.
IOTA token has moved slightly above the 50-day and 100-day moving averages. The Relative Strength Index and the MACD indicators have moved sideways.
Therefore, the IOTA price will likely bounce back and possibly retest the key resistance point at $0.2742, its highest point in May, and the neckline of the double-bottom pattern.
A MOVE above that level will indicate further gains, potentially reaching the psychological point at $0.50, which is up 135% from the current level. A drop below the double-bottom point will invalidate the bullish forecast.
