Morpho Token Surges As Deposits Hit $10B and TVL Reaches Record High

Key Insights

The Morpho token rose over 245% year-to-date, driven by increased demand and surpassing key resistance levels on the technical chart.

Total deposits on Morpho's lending platform reached $10 billion, while issued loans climbed to $3.6 billion.

Integration with Coinbase contributed to user growth, helping total value locked climb to a record $7 billion.

Morpho token continued its upward momentum this week, reaching its highest level since February. The cryptocurrency touched $2.8567, marking a 245% surge from its year-to-date low in March. Morpho’s market capitalization climbed to $867 million, with a notable 24% increase in daily trading volume.

The growth comes as total deposits on Morpho’s platform rose above $10 billion. Loan issuance on the platform also expanded, crossing $3.6 billion. Morpho enables users to deposit crypto assets into selected pools and earn interest or use their assets as collateral for loans. The customizability and decentralized structure have contributed to a steady rise in user participation.

TVL Hits Record $7 Billion, According to DeFi Llama

Data from DeFi Llama indicates the platform’s total value locked (TVL) has risen sharply, reaching $7 billion. This marks a significant increase from the $2.5 billion TVL reported in April. The sharp rise highlights growing confidence in Morpho’s ecosystem and positions it among leading platforms in decentralized finance.

Morpho’s integration with Coinbase, the largest crypto exchange in the United States, has provided access to a broader user base. The partnership has helped fuel growth on the platform and increased visibility for the token. Further momentum may continue as Coinbase expands user offerings through its Base app.

Technical Indicators Suggest Potential for Further Gains

Technical analysis shows that Morpho has crossed the $2.2570 resistance level. This follows a bullish breakout from a double-top pattern with a neckline around $1.5700. The token also trades above its 50-day exponential moving average, with rising oscillator momentum and a green Supertrend indicator suggesting continued bullish sentiment.

Source: TradingView

The combination of platform expansion, increased lending activity, and integration with major exchanges has supported the recent rally in Morpho's price. With technical indicators aligning with fundamentals, traders may continue to monitor the token for further upside as it approaches its year-to-date high of $4.1715.