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FLR, the native token of the Flare network, has seen a massive surge in the last 24 hours. On Saturday, FLR jumped from lows of $0.0145 to reach highs of $0.022, gaining nearly 40% in an instant while posting a massive green daily candlestick.
Although it had slightly retreated, Flare was still retaining some of its gains and was up 27.15% in the last 24 hours to $0.0188 at the time of writing, according to CoinMarketCap. In the last seven days, the FLR token has increased by 31.35%.
The gains in the last 24 hours are substantial against a backdrop of other crypto assets, which are presently sustaining significant losses as a result of profit-taking following the market's jump on Saturday.
Flare ranks as the largest daily gainer among the top 100 cryptocurrencies after BitTorrent. While Flare is outperforming other assets in terms of 24-hour gains, the exact reason for the massive surge remains unknown.
Likely reasons for price surge
A glance through Flare's official X handle does not reveal any new announcement that could have triggered a price rise. Flare merely alluded to a major bullish announcement on Dec. 7.
As reported, Flare has onboarded professional infrastructure providers, including Ankr, Figment, Restake, Luganodes and Northstake, as both validators and data providers for the network's native oracles.
Flare prices rose somewhat in response to this news for two days, with the rally accelerating on Dec. 9 with a gigantic spike.
While this appears to be the case, another likely reason is that the rally was sparked by a technical breakout.
Flare resolved a bullish pennant, which led to a huge breakout on Dec. 9. Pennants are continuation chart patterns that occur after a large upward or downward move in which buyers or sellers typically pause to catch their breath before continuing to move the price in the same direction.
This occurs when more buyers or sellers decide to enter the powerful move, causing the price to break out of the pennant shape.