Arweave price supercharged as total users spike to 1.14 million

Arweave price continued its recovery as cryptocurrencies and the fear and greed index moved to the extreme greed zone. The AR token has risen for four straight days and is nearing its year-to-date high of $47.4. It has spiked by more than 1,068% from its lowest point in 2023, giving it a market cap of more than $2.28 billion.

Arweave token price has been in a strong bullish trend in the past few days. This rebound has coincided with the overall crypto bull run as Bitcoin has surged to over $70,000. The crypto fear and greed index has soared to the extreme greed area of 83. 

Arweave has also jumped as investors focused on the number of AO Link messages. Data in its website shows that the network has handled over 11.1 million messages in the past few months. It has had over 400 processes and 108 modules during its testnet.

Further, on-chain metrics shows that the Arweave network is seeing strong growth. There are now over 1.63k protocols in the ecosystem, a 47% YoY increase. 

The size of the network has surged by 23.8% YoY to 158.8 TB while the number of transactions has risen by 516% to 4.17 billion. As shown below, the number of Arweave uses has soared by 66% to 1.14 million.

For starters, Arweave is one of the biggest Web3 platforms in the industry. It is in the storage industry, where it helps users store their information and files permanently. It uses a technology known as the permaweb, which are pages and applications that exist permanently in the ecosystem.

AR chart by TradingView

The daily chart shows that the AR token has been in a strong bull run since January 2023. It has risen from a low of $3.65 to a high of $47, making it one of the best-performing cryptocurrencies in the market.

Most recently, Arweave token has mirrored the performance of Bitcoin, which jumped to $73,500 and then retreated to $38,500. It has now bounced back to $45. Also, the coin has jumped to the first resistance point of the Andrew’s Pitchfork tool.

Arweave has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA). Therefore, the outlook for the token is bullish, with the next reference level to watch being at $47.43, its highest level this year. A break above that level will point to more upside as it will invalidate the double-top pattern.

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