Balancer (BAL) price soars to new all-time high: What’s driving the rally?

By Joseph Young

BAL, the token of the popular automated market maker Balancer, has reached an all-time high due to two major catalysts.

BAL, the native cryptocurrency of Balancer, the popular automated market maker (AMM) utilized by many DeFi users to trade cryptocurrencies, has surged to new record highs above $70 on April 15.

BAL/USDT 1-day price chart (Binance). Source: TradingView.com

There are two key reasons behind the uptrend of BAL, namely the buzz

As seen in the chart above, the VORTECS™ score flipped green right before April 15 as the price of BAL began to rebound. Within ten hours, the price of BAL rose to a new record high.

The combination of the excitement around the survey data, BAL price technicals of entering price discovery, and the Gauntlet partnership were likely the main factors behind its rally.

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