$DRV Surges Over 40% on V3 Upgrade Plan, But Can Bulls Sustain Surge Past ATH?

The Derive token ($DRV) surged over 40% in value within the last 24 hours, defying the downtrend of major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which saw declines. This significant increase comes on the heels of a 52% correction from its previous all-time high (ATH) of $0.19.

The token's rally began with its listing on Upbit, but investors remained skeptical about its continuation. Instead, it entered a bear phase that lasted over two months until the recent hike. Market bulls pushed back the altcoin to the zone around its ATH, facing a test at the same supply zone between $0.19 and $0.20 for the fourth time.

The indicators, however, suggest otherwise, especially on the 4-hour timeframe. DRV's price is trading above the 100 and 200 EMAs, a bullish scenario. The Bull Bear Power (BBP) has also flipped green over the past three sessions, which may be why it reached a new ATH of $0.28 just hours ago.

The V3 upgrade plan posted by Derive on its project forum seems to be the driving force behind this surge in trading sentiment and volume. The plan includes moving custody to Ethereum's mainnet, splitting risk books, and implementing buybacks with protocol fees. This activity has kept the circulating supply of DRV controlled.