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VISTA rose 74% over the last day as decentralized exchange Ethervista launched its token deployer Etherfun.
VISTA soared from $8.41 on Oct. 28 to an intraday high of $38.54 on Oct. 31, representing a surge of over 350%. The price jump boosted VISTA’s market capitalization from $8.9 million to $31.8 million as of the time of writing.
The altcoin’s rally coincided with a jump in its trading volume hovering over $22.6 million up 63% over the past day.
Vista’s rally began on October 28, fueled by the launch of Etherfun, an Ethereum-based token deployer. Etherfun seeks to capitalize on the popularity of similar platforms like Solana’s Pump.fun and Tron’s Sun Pump both of which have garnered significant interest within the meme coin community.
According to the official documentation shared by Ethervista, Etherfun is “taking what Pump.fun started,” enhancing its features, and “merging it with Ethervista’s innovations” to deliver a premier memecoin trading and launch platform, optimized for Ethereum’s high gas costs.
What differentiates the platform is that liquidity from tokens launched on Etherfun is permanently locked on Ethervista, with a portion of the fees used to automatically buy and burn VISTA tokens.
Within a day following its launch, 100 tokens had been deployed on the platform.
The excitement around the new platform also propelled Ethervista’s decentralized exchange past SushiSwap in 24-hour trading volume, adding further momentum to today’s rally.
As of the latest data, Ethervista’s DEX recorded a trading volume of approximately $5.62 million, while SushiSwap’s volume remained just above $3 million.
VISTA had been trading in an accumulation zone since late September before the Etherfun launch, as observed by one community member. The launch helped it break out of that zone, a move often seen as a bullish signal.
However, technical indicators are flashing warning signs. VISTA was trading above the upper Bollinger Band at $29.13 suggesting it was far above overbought levels which typically leads to a price reversal in the short term.
Meanwhile, the Relative Strength Index has also risen to overbought territory on Oct. 28 and has continued to rise to 87 further confirming that a price reversal may be looming in the upcoming days.
Yet, social sentiment around the altcoin remains bullish, with many traders on X expecting VISTA to hit a new all-time high. Despite bearish technical indicators, strong community hype and solid fundamentals could keep the token’s upward momentum alive, potentially pushing prices higher in the short term.
This article first appeared at crypto.news
