Summary$ERA
The price of Caldera (ERA) increased by 6.2% within 24 hours, reflecting momentum resulting from derivative trading after Coinbase launched perpetual futures contracts, alongside sustained demand despite sell-offs following the airdrop.
Coinbase International listed perpetual ERA contracts (July 24), enabling speculation using leverage.
Trading volume increased to 3.58 times the market cap, indicating intensive trading activity.
The price saw a technical bounce from a support level at $1.28 after a 30% drop following the free distribution.
Detailed analysis
1. Main catalyst: expansion of financial derivatives
Coinbase International launched perpetual ERA/USD contracts on July 24, 2025, which are contracts with no expiration date and allow for leverage of up to 20 times. This came after:
The currency was listed on the spot market at Coinbase on July 18, leading to a price increase of 64%.
Binance launched futures contracts with leverage of up to 75 times on July 17.
Distribution of tokens worth $70 million on July 23, causing profit-taking sell-offs, but it stabilized at a price of $1.32.
Perpetual futures contracts typically increase short-term price volatility; the open derivative volume in the cryptocurrency market rose by 1.6% in July, despite general market caution (CoinGlass).
2. Technical context: support stability
The 7-day Relative Strength Index (RSI) is at 44.24, a neutral level after the currency was in an overbought zone following the free distribution.
The pivotal support level at $1.28 held during the decline on July 26, aligning with the 7-day simple moving average at $1.30.
The trading volume to market cap ratio reached 3.58, indicating high liquidity and that traders are rearranging their positions rather than exiting the market.
Summary
The gains of ERA reflect a mix of speculative activity in derivatives, technical resilience, and ongoing interest in its ecosystem which includes over 50 blockchain chains and a total locked value of $600 million. While the current momentum is mainly driven by platform trading, monitoring Metalayer protocol adoption indicators is essential to see if actual infrastructure usage growth can offset sell pressure from the free distribution.
Will the uses of Caldera's infrastructure outpace speculative trading in the third quarter?
