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Flow is a fast, decentralized, developer-friendly blockchain created to serve as a platform for building and developing a new generation of various blockchain products. The platform allows users to build anything, from apps and games to digital assets that would be used for powering them.
The project has seen a fair amount of popularity which allowed it to climb to the 50th spot on the list of largest coins by market cap, with its own market cap sitting at $8.5 billion at the time of writing. This is quite an achievement for the crypto industry that currently has over 17,640 cryptocurrencies and still continues to see the launch of new ones almost daily.
While already fairly popular for its capabilities as a development platform, Flow recently saw a new spike in popularity, according to its Twitter announcement published on February 18th.
Flow explodes in mid-February 2022
Yesterday, February 18th, Flow announced on Twitter that it has just gone through a huge week for the project. According to recent data that can be confirmed through the use of flowscan.org, the project saw a massive spike in user activity.
It’s been a HUGE week #onFlow, with a massive amount of user activity 📈
🤯 Over 81k active users
👋 47k new accounts created
Let us know what you’ve been up to #onFlow!
— Flow (@flow_blockchain) February 18, 2022
On February 17th alone, Flow saw a massive spike in the number of new users, seeing 47,000 of them joining the network in a single day and creating new accounts. The project also saw over 81,000 active users on the same day. In addition to all that, the project added in a separate tweet that February 17th also set an all-time high for most transactions in a single day, putting the new milestone at 739,936.
🤫 Pssst… we didn't even mention that yesterday set an all-time high for most transactions in a single day #onFlow at 739,936
…probably nothing 😉 pic.twitter.com/Bg0LjtppOK
— Flow (@flow_blockchain) February 18, 2022
Flow price still doesn’t match the hype
While it is quite clear that Flow has seen a massive increase in popularity and usage, this has yet to reflect on the project’s price. In fact, Flow is currently quite near its all-time low.
After launching in late January 2021, the project joined the crypto rally immediately. Its launch price was $6.9 on January 27th, 2021. By March 4th, the project hit its all-time high at $39.04, stopping just before reaching the resistance at $40.
After that, it saw a small price rejection that took it to a support at $25, only to return quite close to its ATH twice after that, once on April 5th, and then again on about 10 days later, in mid-April. After once again being rejected to $25, the coin started to grow yet again, although this time, it was stopped by a resistance at $32.
This was in mid-May, and after that, its price crashed all the way down to its bottom at $7. Following this drop, FLOW started climbing once again, and just like before, it went up quite sharply, reaching the resistance at $28 on August 29th. After this date, however, Flow’s price has been spiraling down throughout the rest of the year, even ignoring the November surge that took Bitcoin nearly to $29.
The coin finally ended the year with a price of $8.9. As Flow entered 2022, the situation did not change for the better. Finding stability for a few days, the coin continued its drop on January 6th, until it finally reached its new bottom at $4.5 on January 24th.
After this date, the crypto sector saw a new surge as the bulls returned to the market, and this allowed Flow to climb back up to $8.5 on February 9th. However, this resistance prevented it from moving further up, and instead, it rejected its price yet again, which led Flow to $6.05, which is where the coin sits at the time of writing.
But, judging by the coin’s popularity over the past week, it is clear that Flow is heavily undervalued and that the market trend is the only thing pushing it down. Once the bearish market passes, Flow is likely to see a significant rally, potentially becoming one of the best performers in the market at that time.
To learn more about this token visit our Investing in Flow guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.