Etsy is on fire.

Shares of the online marketplace soared as much as 35 percent, to an all-time high on Thursday, after the company raised its transaction fee on its sellers’ sales and boosted its full-year outlook on revenue growth. Some strategists and technical analysts say that despite the recent gain, the stock appears poised to keep running.

“I think this is a great example of the market rewarding growth,” said Stacey Gilbert, head of derivative strategy at Susquehanna.

“Here’s a situation where a company is investing back into itself, it’s growing, and the market is saying, ‘Yes, we’re going to reward you for that,'” she said Thursday on CNBC’s “Trading Nation.”

Gilbert noted that options activity on Thursday, amid the massive upside, was varied. Traders were buying puts, which would allow the buyer to sell Etsy at a specified price, before a certain date. This would theoretically protect a trader’s investment given the stock’s huge return. Call buying was also evident in the market. Overall, the market was suggesting there’s less than a 10 percent probability the stock ends negative by year-end.

Even with the meteoric rise, some see potential in the charts.

“I would not consider today as a tactical entry point for the stock, but one of the most important investment rules out there is to let your winners run. So, if you’re in this stock, I think you stick with it,” Oppenheimer head of technical analysis Ari Wald said Thursday on “Trading Nation.” “It has positive momentum.”

Etsy stock is up 206 percent in the last year, compared with online marketplace behemoth Amazon‘s 76 percent gain.

Examining a chart of Etsy, Wald pointed out its breakout ramped up late last year, when it broke above $16 per share. Now that Etsy has soared 107 percent in the last six months alone, Wald said the level to keep an eye on is $36 per share, its post-IPO peak in 2015.

“Prior resistance levels become support, so our view is … buy some more on pullbacks,” he said.

Etsy shares closed 26 percent higher on Thursday, slightly off session highs, at $41.65 per share.