Morpho Price Soars After Solana Launch, But Traders Remain Cautious

Morpho [$MORPHO], a lending protocol token on Solana, saw its price jump after its official launch on July 9. The token is now available for trading on decentralized exchanges like Raydium and Jupiter, and is fully integrated via Sunrise.

The token's price rallied 8.34% in 24 hours, with a 105% increase in daily trading volume and an 18% spike in Open Interest.

According to the Fixed Range Volume Profile tool and the $MORPHO price action since April, the altcoin was trading within a range but could be close to achieving a bullish breakout.

The RSI showed that the recent upward momentum began on June 23, driving prices up by 43% from $1.59 to $2.28.

However, traders should be wary of a sudden trend reversal, as the same scenario has played out twice since May, with bulls being driven back to the $1.60 local lows before rallying again.