FLR eyes 26% breakout rally following Uphold partnership

FLR crypto rallied for the third straight day following reports of a partnership with Uphold to introduce XRP staking via the Flare Network.

According to data from crypto.news, Flare (FLR) rose 12% to an intraday high of $0.0198 on June 2, bringing its year-to-date gains to over 72% at the time of writing. Its market cap stood at $1.25 billion, while daily trading volume surged by 160% compared to the previous day.

The rally also appears to be drawing in derivatives traders. Open interest in FLR futures climbed 12% to $4.8 million, the highest since May 23, as traders moved to capitalize on recent price momentum. 

The buy-to-short ratio stood at 1.06, with slightly more long positions than shorts, pointing to a mildly bullish tilt in market positioning.

The recent uptick in momentum followed after Flare announced a partnership with global multi-asset trading platform, Uphold. Through this collaboration, the two entities aim to enable Uphold users to earn yield on their XRP holdings by leveraging Flare’s smart contract infrastructure.

For context, Flare’s FAssets protocol allows non-smart-contract assets like XRP, Bitcoin, or Dogecoin to be represented on the Flare network as smart contract-compatible tokens. This enables these assets to participate in DeFi applications, such as staking and lending capabilities they do not support natively.

With the mainnet launch of FAssets on the horizon, the partnership is laying the groundwork for XRPFi,  a DeFi ecosystem built around XRP. If successful, it could open up brand new yield opportunities for XRP holders, especially those using Uphold, while simultaneously boosting Flare’s network activity, liquidity, and adoption.

FLR price analysis

On the daily FLR/USDT chart, the token has broken out from the upper boundary of a bull flag pattern that had been forming since early May, a classic bullish continuation setup.

FLR is also holding above its 50-day moving average, which is starting to curve upward. If it crosses above the 200-day SMA, it would trigger a golden cross, often seen as a major bullish signal.

The MACD indicator is leaning bullish, with the MACD line (blue) on the verge of crossing above the signal line (orange), another potential buy trigger. 

Meanwhile, the Supertrend indicator has turned green and shifted below FLR’s current price, a signal traders often view as confirmation that the token is in an uptrend and could continue to rise if buying pressure holds.

With all these signals lining up, the next likely target for FLR is around $0.024, which would mark a 26% gain from current levels and lines up with the 50% Fibonacci retracement zone. 

If bullish momentum keeps up, especially with a golden cross confirmed, a run toward $0.034 is possible, which would retest FLR’s December 2024 high.

At press time, FLR was trending on Google as retail interest climbed following the Flare and Uphold partnership. This surge in attention could attract more buyers, helping to drive prices higher.

On the contrary, a drop below $0.016 could invalidate the current setup, which might push FLR back down toward the $0.011 support level, an area where buyers previously stepped in.