Here's why Bio Protocol rallied over 70% today

BIO, the native token of the DeSci platform Bio Protocol, surged after the project expanded staking for BIO and other ecosystem tokens on the Ethereum mainnet.

Summary

• BIO has hit a five-month high of $0.103.
• Staking for BIO and BioDAO tokens recently went live on the Ethereum mainnet.
• The token is nearing a potential double-bottom breakout on the daily chart.

Bio Protocol (BIO) shot up as much as 71.6% to a five-month high of $0.103 on Aug. 7 before it backtracked some of its gains and settled at $0.084 as of press time. Its market cap stood at $164 million, up from $124 million seen yesterday.

BIO’s surge occurred in a high-volume trading environment, with nearly $470 million worth of tokens changing hands, up more than 2,100% from the previous day.

Why is BIO going up?

BIO crypto rallied after Bio Protocol confirmed it had expanded staking for its BIO token and BioDAO tokens to the Ethereum mainnet.

For the uninitiated, BIO functions as the native token of Bio Protocol, a decentralized science (DeSci) platform that funds and advances biotech research in areas such as longevity, women’s health, and synthetic biology through community-governed BioDAOs.

When users stake BIO and related ecosystem tokens, they earn BioXP points. These points grant eligibility for the platform’s Ignition Sales, which offer early access to token launches from emerging projects within the Bio Protocol network.

As of press time, over 100 million BIO tokens had been staked on Ethereum.

The latest expansion follows a strong debut for staking on Base, where more than 25 million BIO were locked up within days of launch

By locking tokens for staking rewards, holders effectively reduce the circulating supply available on exchanges. If demand for BIO continues to rise, driven by incentives like BioXP and Ignition Sale access, this supply contraction can heighten scarcity and amplify upward price moves, especially during periods when strong market sentiment prevails.

Network activity and market sentiment is improving

On-chain activity on Bio protocol has also seen a notable uptick over the past day. Data from Santiment shows daily active addresses on the network have jumped more than 370% in the past 24 hours, reaching 859 at press time compared with 180 the day before.

A surge in daily active addresses typically means more users were engaging with the protocol, which is generally a bullish sign and can indicate growing adoption or speculative interest.

BIO Protocol’s weighted social sentiment also climbed deeper into positive territory over the past day, indicating that retail perception of the token has also improved.

Source: Santiment## BIO price analysis

BIO is in the late stages of forming a classic double-bottom reversal pattern on the daily chart. The first low formed near $0.041 in April, followed by a rebound that stalled around $0.103, establishing the neckline of the formation.

BIO price, 20-day and 50-day SMA chart — Aug. 8 | Source: crypto.newsThe second low occurred in late June near $0.042, after which BIO rallied sharply and briefly broke above the neckline on Aug. 7 before slipping back below it. This sequence has produced the characteristic “W” shape of a double bottom. A sustained daily close above $0.103, supported by strong volume, would confirm the pattern and indicate a bullish trend reversal.

Momentum signals have turned supportive. The 20-day simple moving average has crossed above the 50-day, a bullish crossover that suggests short-term momentum now exceeds the medium-term trend. The Supertrend indicator has also turned green as price moved above it, reinforcing the bullish bias.

BIO Supertrend and RSI chart — Aug. 8 | Source: crypto.newsMeanwhile, the Relative Strength Index has dropped back to 64 after briefly entering overbought territory, indicating that the recent pullback may be a natural correction after a strong rally rather than the start of a downtrend.

Based on the above setup, the immediate resistance currently lies at the neckline near $0.103. A decisive breakout above this level could trigger a move toward $0.164, the measured target derived from the height of the double-bottom formation.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.