Velodrome (VELO) Soars After Binance Listing, Forming a Rare Bullish Pattern

Velodrome Finance (VELO) has experienced a massive surge in its price, reaching a year-to-date high following its recent listing on Binance, the world’s largest cryptocurrency exchange.
The price of Velodrome's native token skyrocketed by over 810%, peaking at $0.0335, marking a substantial rise from its lowest level earlier this year. This surge has propelled its market capitalization to surpass $282 million, solidifying Velodrome’s position as a major player within the decentralized finance (DeFi) ecosystem on Optimism.
The boost in price follows the announcement of VELO’s listing on Binance, which has now made the token available to millions of potential new users.
This high-profile listing on Binance typically leads to increased exposure and trading volume. Despite the surge, historical trends suggest that while such rallies are often fueled by initial hype, they tend to be short-lived.
Currently, the majority of VELO tokens are traded on exchanges like MEXC, OKX, Gate, and XT. However, with Binance’s massive user base, VELO’s trading volume is expected to grow significantly in the coming days, which could lead to further price movements.
Velodrome's Growth and Market Position
Velodrome has become a dominant force in the DeFi space, particularly within the Optimism ecosystem. The protocol's total value locked (TVL) has surpassed $100 million, with a weekly DEX trading volume exceeding $700 million. This makes Velodrome a formidable competitor to other well-known decentralized exchanges (DEXs) on Optimism, including Uniswap (UNI), WOOFI, Beethoven, and Curve Finance.
Since its inception, Velodrome Finance has facilitated over $20 billion in assets. As the ongoing crypto bull run continues to gather steam, this figure is expected to grow, driven by the increasing demand for decentralized trading platforms.
In comparison, other major DEX platforms like Raydium and Uniswap have also witnessed significant growth in volume, with Uniswap’s November trading volume reaching an impressive $371 billion.
Bullish Outlook for VELO Price
The technical outlook for Velodrome’s price remains strong. After a steady uptrend over the past few months, VELO has recently retested the key resistance level of $0.030, a significant price point from May 2023. This level forms the upper part of a bullish cup and handle pattern, which is often viewed as a continuation signal for further price increases.
VELO’s ability to surpass the 50-day and 100-day moving averages further supports the possibility of a sustained upward movement. Based on the chart patterns, it is estimated that the price could rise to $0.054, representing a 109% increase from the current level. This projection suggests that Velodrome Finance could continue its impressive growth, fueled by its increasing prominence in the DeFi space and the newfound exposure from its Binance listing.
Disclaimer: The content on this website is for informational purposes only and does not constitute financial or investment advice. We do not endorse any project or product. Readers should conduct their own research and assume full responsibility for their decisions. We are not liable for any loss or damage arising from reliance on the information provided. Crypto investments carry risks.