The DeepBook price continued its strong rally on Monday, jumping to its highest level since February 1.

DeepBook (DEEP) token jumped to a high of $0.2525, up by 400% from its lowest level this month, bringing its market cap to $693 million.

According to DeFi Llama data, the volume of transactions handled on the DeepBook network rose by 135% over the past seven days to $130 million. This brought the 30-day volume to $413 million and the cumulative total since inception to $8.7 billion.

DeepBook’s volume has jumped because of the ongoing rally of meme coins in the Sui (SUI) network. CoinGecko data shows the total market cap of these coins rose by 2% in the last 24 hours to $203 million. The biggest gainers include Miu, Lofi, MemeFi, and Sudeng.

The DEEP token also rallied after developers launched the v3.1 upgrade, which introduced more features aimed at boosting market share. The upgrade added permissionless pools, allowing anyone to create custom trading pairs.

It also enabled third-party liquidations and permissionless access, useful features for margin trading protocols and liquidation bots.

Additionally, the upgrade revamped the fee structure by reducing taker fees from 5bps to 1bps and maker fees from 2bps to 0bps. Further, users no longer need to hold DEEP tokens to trade on the platform. DeepBook’s rally was further fueled by a listing on Upbit, South Korea’s largest crypto exchange.

DeepBook price technical analysis

The daily chart shows that the DEEP token bottomed at $0.04593 on April 7 before rebounding to a high of $0.2524. This recovery followed the formation of a falling wedge pattern—a popular bullish reversal signal.

DeepBook price broke above the 38.2% Fibonacci retracement level and has moved above the 50-day moving average, indicating that bulls remain in control. However, there are signs of caution, as both the Relative Strength Index (RSI) and the Stochastic Oscillator have entered overbought territory.

While the uptrend may continue, there is a risk of a short-term pullback, potentially toward the psychological support level of $0.1360, which aligns with the 61.8% retracement level. A breakout above Monday’s high of $0.2525 would suggest further gains, potentially targeting the all-time high of $0.3465.