Dash (DASH) has gone up by 167% in the past 7 days alone, even though the market as a whole is plummeting.

As a result, the token has been climbing the charts rapidly, with a market cap that is now sitting at $1.6 billion.

On a year-to-date (YTD) basis, DASH has accumulated a 241.5% gain, which makes it one of the top-performing altcoins of the year.

The project released a lengthy X thread where they explained why the token has been doing so well. First of all, Dash launched a new state-of-the-art blockchain that has set the stage for a revamp of its core model.

Dash was created to facilitate crypto payments. Built as a hard fork of Litecoin (LTC), the project has created a user-friendly decentralized app (dApp) that supports fast and cheap remittances.

Their goal is to accelerate adoption by businesses primarily. This year, they also launched a decentralized exchange (DEX) powered by Maya Protocol that lets users swap cryptos across multiple chains almost instantly.

Moreover, they are revamping their confidential payments feature, which was one of the core offerings that the project promoted back in 2014. Paired with a rewards program for users who spent DASH at any of the thousands of merchants that currently support it, this explains why DASH is booming lately.

DASH Hits a Sell Wall at $150

Trading volumes in the past 24 hours have surged by 140% to $2.1 billion. These volumes account for 140% of the token’s circulating supply. This indicates that buying pressure is still strong, despite the significant boost that DASH has already received.

The daily chart shows a clear price area to which DASH could return at some point down the road at $70 per token. The latest vertical climb is clearly the by-product of FOMO and could be followed by a strong reversion to the mean as early buyers cash out of the rally.

Selling pressure is already increasing as DASH hits $150. This is possibly the result of today’s strong downtrend across the entire market, as buyers are cautiously stepping out before they get swept into the turmoil.

The Relative Strength Index (RSI) just entered overbought territory, which increases the odds of a dramatic pullback. This does not mean that DASH’s rally is over, but it does indicate that the market already needs a breather after this strong surge.

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