Yearn.finance’s governance token – YFI – has been subjected to immense turbulence throughout the past few days and weeks, with its recent capitulatory downturn resulting in a sharp rebound that sent its price up 50% from its lows.
The intensity of this movement has been great, potentially marking its recent lows as a long-term bottom.
The price turbulence is emblematic of degrading sentiment within the community. The exit of a key member coupled with growing animosity towards the Yearn founder has caused many investors to jump ship.
The ecosystem itself, however, remains incredibly strong, and its recent selloff may have brought it down into heavily oversold territory as a result of an emotional and knee-jerk reaction from sellers.
One analyst is now noting that serious upside could be imminent for YFI due to its ability to reclaim the support that was lost within the $15,000 region.
He believes that a sustained bout of trading above this level could be