去中心化借贷协议 Morpho 的原生代币 MORPHO 近24小时上涨约15%，成功突破此前盘整区间。与单纯的价格拉升不同，本轮上涨伴随多项链上指标同步改善，显示这波行情背后存在真实资金与用户行为支撑，市场开始重新评估 MORPHO 的中期潜力。
从链上数据看，Morpho 的总锁定价值（TVL）与币价同步走高。根据 DefiLlama 统计，近期协议内锁定资产规模明显增长，意味着资金更倾向于留在协议中获取收益，而不是在二级市场频繁流转。历史经验表明，依赖情绪推动的山寨币往往涨得快、跌得也快，而由用户参与度和资金沉淀支撑的项目，更容易走出相对持久的趋势。
另一个关键信号来自 90 天平均代币年龄的上升。即便在价格快速走高的背景下，代币流转速度却并未明显加快，说明不少持有者选择继续持币，而非短线兑现。这种“价格涨、代币不动”的结构，往往能缓解抛压，为行情延续创造条件。
技术面上，随机 RSI 已从超卖区域回升，显示多头动能正在恢复。短期内，价格快速拉升后出现小幅回调或横盘并不意外，关键在于 1.1 美元附近的支撑能否稳固。如果该区域持续守住，市场有望向上测试 1.4 美元一线的潜在阻力。
在 DeFi 赛道逐步回暖的背景下，MORPHO TVL 增长、持币结构改善以及动能指标转强，共同构成了较为扎实的多头基础。只要资金与用户信心不出现明显逆转，这一轮 MORPHO 价格走势或许不只是昙花一现。
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