Key Takeaways
River’s token (RIVER) jumped 31.34% to $17.55 in the last 24 hours, with trading volume up more than 45% as the token went live on the Base network, an Ethereum Layer 2 ecosystem.
The move gained traction after River confirmed its integration with Base, which has more than $4 billion in total value locked (TVL) in decentralized finance and nearly 500,000 daily active addresses, according to market data. CoinMarketCap data shows River’s 24-hour trading volume reached $48.91 million, an expansion that supports the price rally.
The surge in participation is reflected in derivatives markets, where open interest in RIVER futures has risen 26.45% to $173.07 million, according to Coinglass. This indicates traders are increasing their positions and committing more capital. However, spot exchange netflows remain negative at -$111.44K, suggesting some tokens continue to move into private wallets.
While the integration provides access to a highly liquid market, the price faces a critical test at the $18.30 neckline of a "W" reversal pattern formed on the four-hour chart. A break above this level and the cluster of exponential moving averages (EMAs) could open the path toward resistance at $22.68 and $25.
River's move onto the Base network marks a significant shift in its market access. By plugging into an active ecosystem, the token is exposed to a concentrated pool of on-chain liquidity and active users, a factor that often triggers immediate demand. This contrasts with the broader crypto market, which has shown weakness, with Bitcoin and Ethereum slipping around 1.5% over the same period.
The token's price stabilized around the $12 support level after a period of consistent selling pressure before the recent rally. The Relative Strength Index (RSI) is currently near 58, according to data from technical charts, which indicates bullish momentum still has room to expand before becoming overbought.
The sharp increase in open interest alongside price growth points to strong conviction but also introduces significant risk. As leveraged exposure builds, the price becomes more susceptible to volatility from potential liquidations if momentum stalls.
Price must first overcome immediate resistance from the 50-day EMA before tackling the $18.30 neckline. If it successfully breaks out, traders will look to the $20 and $25 levels next. Failure to clear this zone could see the price return to test support at $14.10, with the key structural base remaining at $12.
This article is for informational purposes only and does not constitute investment advice.
