The DeepBook (DEEP) token jumped to a high of $0.2525

The price of DeepBook (DEEP) continued its strong rally on Monday, rising to its highest level since February 1.

According to DeFi Llama data, the volume of transactions handled on the DeepBook network increased by 135% over the past seven days to $130 million.

This brought the 30-day volume to $413 million and the cumulative total since inception to $8.7 billion.

According to CoinGecko, the DEEP token rose to a high of $0.2524, bringing its market cap to $693 million. This represents a 400% increase from the month’s low.

According to DeFi Llama, the total market cap of meme coins on the Sui (SUI) network decreased by 2% in the last 24 hours to $203 million.

Some of the biggest gainers include Miu, Lofi, MemeFi, and Sudeng.

DEEP token also rallied after developers launched the v3.1 upgrade, which introduced more features aimed at boosting market share.

The upgrade added permissionless pools, allowing anyone to create custom trading pairs. It also enabled third-party liquidations and permissionless access, useful features for margin trading protocols and liquidation bots.

Additionally, the upgrade revamped the fee structure by reducing taker fees from 5bps to 1bps and maker fees from 2bps to 0bps.

Further, users no longer need to hold DEEP tokens to trade on the platform.

According to Benzinga, DeepBook’s rally was further fueled by a listing on Upbit, South Korea’s largest crypto exchange.

According to the chart, the DEEP token bottomed at $0.04593 on April 7 before rebounding to a high of $0.2524. This recovery followed the formation of a falling wedge pattern—a popular bullish reversal signal.

According to TradingView, DeepBook price broke above the 38.2% Fibonacci retracement level and has moved above the 50-day moving average, indicating that bulls remain in control. However, both the Relative Strength Index (RSI) and the Stochastic Oscillator have entered overbought territory.

While the uptrend may continue, there is a risk of a short-term pullback, potentially toward the psychological support level of $0.1360, which aligns with the 61.8% retracement level. A breakout above Monday’s high of $0.2525 would suggest further gains, potentially targeting the all-time high of $0.3465.