- Osmosis price has risen to December 2022 highs in the past few days.
- The volume traded in Osmosis ecosystem jumped to over $1.1 billion in December.
- The Total Value Locked (TVL) has been in a strong uptrend.
Osmosis (OSMO) price jumped to its highest point since December 2022 as the use of the decentralized exchange (DEX) continued rising. The token jumped to a high of $2.17, much higher than last year’s low of $0.2263. This rally has brought its market cap to more than $1.2 billion.
Use of the network rising
Osmosis is one of the biggest players in the Cosmos ecosystem. It is a decentralized exchange that allows users to swap between tokens across different chains for little fees. It also enables users to stake crypto assets, trade on margin, and participate in perpetual futures.
Osmosis ecosystem has done well during the ongoing crypto bull run. This week’s data showed that its monthly trading volume jumped to $1.1 billion in December. This was the first time the network’s volume crossed the $1 billion level since Terra and its ecosystem crashed in May 2022. The volume has been in a steady increase in the past three months.
According to CoinMarketCap, the total volume traded in Osmosis rose to over $71 million in the past 24 hours. This makes it the 22nd biggest decentralized exchange in the industry.
Additional data shows that the network has over $213 million in total value locked (TVL) or 21.1 million ATOMs. The TVL stood at 10.4 million ATOMs in September last year, meaning that it has more than doubled.
The next important Osmosis data is that it has now handled over 161 million transactions in its history. According to Mintscan, the total number of transactions rose to over 8.5 million in the past 30 days. Cosmos handled less than 3 million transactions in the same period.
Osmosis price forecast
Turning to the daily chart, we see that the OSMO price has been in a strong uptrend in the past few months. It has risen from just $0.2263 in October to a high of $2.17. This means that at its peak, the token was up by over 880% from its lowest level in 2023.
OSMO price is also being supported by the 50-day and 25-day Exponential Moving Averages (EMA) and the Ichimoku cloud. It also remains slightly above the key support level at $1.3935, its highest swing on January 29th.
Therefore, the outlook for the OSMO price is bullish, with the next level to watch being at $2.50. Before this happens, the token could retreat and retest the support at $1.50.
