• Velodrome Finance (VELO) has gained by more than 108% in 24 hours to hit an ATH of $0.42.
• VELO’s rally started after Binance announced it was listing the token.

Velodrome Finance [VELO] has outperformed the broader cryptocurrency market after registering an over 108% gain in 24 hours. At press time, VELO traded at $0.325 with a market capitalization of $287 million. 

Data from CoinMarketCap showed a surge in retail interest after trading volumes soared by more than 2,000%. The surging volumes caused volatile price movements where VELO jumped from $0.145 to an all-time high of $0.424 in less than one hour before retracing. 

VELO’s rally was fueled by the Binance exchange announcing that it would list the altcoin on 13th December. VELO is already listed on other top exchanges including Coinbase. 

Is Velodrome overbought? 

VELO’s rally was triggered by high buying volumes as traders sought to become profitable during the rally. Per Lookonchain, one trader made a $448,000 profit on VELO within a few hours of buying the token. 

The surging volumes have led to the Relative Strength Index (RSI) hitting overbought levels of 86. This could precede a short-term correction. 

If the listing effect fades, and buyers who bought out of the fear of missing out (FOMO) start taking profits, the uptrend could halt, pushing the prices down.