Casper (CSPR) Price Gained Momentum as It Rallied Over 130%

Casper (CSPR) price gained momentum on Monday as it rallied over 130%, making it one of the best-performing tokens in crypto.

Casper price (CSPR) rallied over 130% on Monday, making it one of the best-performing tokens in crypto as it surged ahead of a major upgrade.

CSPR, the native token of the Casper Network, shot up to an intraday high of $0.023, its highest point since December 9 last year. From its lowest level this year, the token has now surged more than 180%. Its market cap climbed to around $215 million, while daily trading volume exploded by nearly 2,500% from the previous day, hovering around $115 million.

The surge coincided with a sharp increase in futures open interest, which hit a 5-month high of $6.64 million, way up from about $836k just a month ago, per data from CoinGlass. The simultaneous rise in price and open interest typically signals strengthening bullish sentiment.

Funding rates have also stayed positive for the last six days, meaning traders going long are paying less than those betting against the token, a clear bullish signal.

Meanwhile, on-chain data shows more holders are moving their tokens off exchanges. In just the past two days, over $1.7 million worth of CSPR left trading platforms. Exchange outflows are typically a bullish sign, as they suggest investors are moving their tokens into self-custody wallets, reducing immediate sell pressure.

CSPR's gains today can be primarily attributed to a surge in investor interest ahead of its Casper 2.0 upgrade, scheduled for May 6. This update aims to boost the network's speed, security, and developer experience.

The team called it "a leap forward for the Casper Network and a defining step toward bridging the real-world economy with Web3" in an April 22 post on X.

Moreover, community sentiment has been buoyed by broader changes within the project's leadership.

According to a community member, Nick, the team associated with past delays and unmet promises has been replaced. He believes that the network is under stronger management, with renewed focus and execution, following positive impressions from interviews conducted late last year.

The crypto community appears bullish on CSPR, with CoinMarketCap's social sentiment metric showing 92% of traders expecting short-term gains while its social sentiment has flipped positive. Growing traction among investors has also pushed the altcoin to trend on Google.

CSPR price analysis

On the 1-day USDT chart, CSPR recently broke out of a descending parallel channel it had been stuck in for the past five months. Breaking out of a pattern like this usually signals a trend reversal, and a fresh move higher could be in the cards.

The MACD lines have also turned upward, showing growing bullish momentum.

On top of that, the Aroon Up is at 100% while the Aroon Down sits at 0%, showing clear dominance by buyers.

Hence, CSPR looks poised to rally toward $0.024, its December high and a key resistance it failed to break twice in the second half of 2024. The target is about 45% above its current price.

However, the RSI has stayed in overbought territory for the past two days, suggesting the token could be due for a short-term cooling period before its next leg higher.

At press time, Casper Network (CSPR) was trading at $0.016 per coin.