The crypto Prices have surged in the last 24 hours as the buyers enter into an aggressive accumulation phase. The total market cap has increased to $1.73 trillion, with a 2,5% increase in the last 24 hours.
Remarkably, Bitcoin once again exerts its dominance as its recovery has influenced the prices of altcoins positively. Binance’s launch of an Inscription Marketplace trading of BRC-20 tokens is likely supporting this recovery.
Also, crypto platform Celsius’ dramatic recovery from bankruptcy and repayment plan for investors might have influenced the market. As a result of these events, some coins have emerged as the top gainers today, also benefiting from their internal ecosystem developments.
Chainlink (LINK) – The Web3 Hub
Chainlink’s cryptocurrency, LINK, has surged by over 12% in the last 24 hours, reaching $18 for the first time since April 2022. An on-chain analysis provider, Santiment, observed a spike in activity in previously inactive Chainlink wallets, indicating renewed interest.
This influx of LINK back into circulation is seen as a contributing factor to the price increase.
🔗📈 #Chainlink has jumped ahead of the #altcoin pack after some previously dormant wallets created the highest Age Consumed spike (5.38B, calculated by multiplying coins moved by the amount of days those coins had been dormant). This influx of $LINK back into the
(Cont) 👇 pic.twitter.com/eHVpeJz2HW
— Santiment (@santimentfeed) February 1, 2024
The analysis suggests that, based on these on-chain trends indicating increased network usage and token circulation, LINK could potentially rebound to $20 and beyond. The recent surge in Chainlink’s LINK token is drawing attention as it outpaces other digital assets in the market.
Santiment’s analysis today highlights a significant increase in Age Consumed, indicating LINK moving after a period of dormancy. This uptick in circulation is believed to contribute to the rise in LINK’s price.
The token reached an intra-day peak of $18.13, and current trends suggest $28 as the next significant resistance point.
This rally has increased Chainlink’s profitability by 30% over seven days, pushing its market capitalization above $10 billion, surpassing Tron, and securing the twelfth rank by market value. The excitement in the market and Chainlink’s price movements are closely tied to its role in tokenizing real-world assets.
Chainlink Breaks Out of the Ranging Market – Is the Next Resistance Targeted?
In the chart above, LINK is on an overall bullish market trend as it trades above its 50-day and 200-day Simple Moving Average (SMA). This implies strong price growth momentum for the coin in the coming days.
Furthermore, it has broken out of the ranging trend, suggesting a break in market structure.
As such, an uptrend is likely to occur, with LINK trading towards the $19.5 resistance level. Moreover, the Relative Strength Index (RSI) is at 68.88, pointing upward. This shows the bulls are strong and driving the market to the overbought region.
If the buying pressure is upheld throughout the weekend, LINK’s RSI could go above 70.
However, if not, it could plunge to the neutral level or oversold zone (below 30). For now, LINK is trading above its dynamic support levels (50-day SMA).
If any pullback occurs, this level should trigger a bounce, as buyers may wait for the price to hit the discount level. If that happens, the coin could pump further, even above the $19.5 resistance, before the next week.
Immutable (IMX) – The NFT scaling Solution for Crypto Projects
Immutable (IMX) has recently made a significant move by launching its IMX Mainnet. This development is playing a key role in boosting the value of the Immutable token.
Immutable zkEVM Mainnet Early Access is live!
The future of gaming is here with the launch of Immutable zkEVM Mainnet, powered by @0xPolygon.
Immutable zkEVM is an ecosystem that empowers games to thrive. It offers massive scalability, smart contract compatibility, and gas-free… pic.twitter.com/zSrUOwnsQo
— Immutable (@Immutable) January 29, 2024
In a recent post on X, Immutable announced the extension of zkEVM’s mainnet access to selected gaming studios and partners.
zkEVM is an important achievement for Immutable as it brings new features to its ecosystem, reducing gas fees and making it more attractive for a larger audience interested in blockchain games developed on the IMX platform.
Since October 19, 2023, the price of Immutable (IMX) tokens has been consistently rising. It reached its peak on December 27th at $2.60. However, there was a correction, and by January 23rd, it had temporarily dropped to $1.70.
Fortunately, the token has since rebounded and is currently valued at $1.95 as of January 31.
The launch of the IMX Mainnet and the expanded access to zkEVM contribute to the positive momentum, as these developments enhance the overall ecosystem. Today at 9:34 am EST, the IMX coin is trading for $2.21, with an increase of 12.71 %.
Also, its trading volume is up by 101.68%, sitting above $129.9 million.
IMX Rallies Above 50-day SMA – Can This Become a Dynamic Support Level?
In the chart above, IMX has pumped, pushing its price above the 50-day Simple Moving Average, which could serve as dynamic support. If BUY orders increase at this rate, the coin’s price could continue upward, recording new higher highs in the coming days.
The long and healthy green candlestick formed today confirms the strong bullish momentum on IMX’s market. This is reflected in the Relative Strength Index (RSI) as it points upward from the 60.73 level.
If the rally continues, the RSI could enter the overbought region (above 70), but if not, it could drop to the neutral or potentially the oversold region (below 30).
However, IMX is still above its 200-day SMA, indicating an overall bullish market trend in the long term. As such, the coin will likely record more price gains before the coming week and before any significant pullback.
While these may play out as expected, it’s advisable to adopt ideal risk management practices and use strategic trade setups to profit from this market.
Pendle (PENDLE) – The Yield Protocol For Blockchain Finance
PENDLE has gained 13% in the last 24 hours as the buyers continue to uphold its price action this week. Also, PENDLE is up 19.6% on the weekly chart, with a positive start to February.
Remarkably, Pendle continues to set new records in the crypto scene due to massive investor interest.
Pendle achieved impressive all-time values for trading, with the recent record being $86.9 million daily trading volume.
Back-to-back ATHs for daily trading volume on @pendle_fi
We've just hit a new high, reaching $86.9 million in daily trading volume 🥂 https://t.co/auoGeJRNEo pic.twitter.com/rd0TgKWb7h
— TN | Pendle (@tn_pendle) February 2, 2024
According to the developers, the upcoming $PENDLE V3 will enable margin trading and larger swaps with lower slippage. Also, the Pendle team will focus on asset tokenization and support for re-staking assets.
Pendle is shaping up to become a mega ecosystem, with more than $40 million yield daily.
Also, it records a trading volume of $569.41 million as the TVL is locked across all chains and supports the widest range of re-staked Ethereum assets. On the daily chart, PENDLE has formed a bullish pattern and will likely break above the trendline.
PENDLE Display Rising Wedge Pattern On Daily Chart, What Next For The Crypto?
PENDLE has formed a rising wedge pattern on the daily chart, teasing a break above the trendline, which is a bullish signal. It has formed a large green candle today after finding support at $2.53.
Also, PENDLE is testing the $2.88 resistance level, and a break above this level will likely send the asset to $3.
Additionally, PENDLE is close to the upper band of the Donchian Channel (DC), displaying a strong bullish signal. Furthermore, the RSI indicator is at 68.84 and rising to the overbought region above 70.
This confirms that the buyers have entered an accumulation phase.
Therefore, PENDLE will likely break above the $2.88 price level in the coming days to enter the overbought region.
Sponge V2 (SPONGEV2) – The Memecoin Crypto With A Difference
SPONGE V2 relies on staking to preserve its value and reward holders. It returns with a fun Play-to-Earn (P2E) where participants can earn the tokens in the premium mode.
The massive interest in the ecosystem has attracted numerous investors, evident in the millions already staked. Interested investors aiming to be part of this success story should visit the website now to accumulate this token at an affordable entry price.
Sponge V2 Important Security Update
According to a post on X from the Sponge V2 team, Sponge V1 will be discontinued. This is because of a malicious attack on the token.
🚨 Important project update! 🚨
Due to a malicious attack on the Sponge V1 token, we’ll be moving all holders to Sponge V2 on the 5th of February at 11:00 PM UTC.
Please be aware the $SPONGE V1 will be discontinued.
We strongly advise all holders to withdraw their tokens from… pic.twitter.com/itZelxAL9V
— $SPONGE (@spongeoneth) January 31, 2024
Consequently, holders of Sponge V1 will be migrated to Sponge V2 on February 5 by 11:00 pm UTC. So, holders are advised to withdraw their $SPONGE tokens from centralized tokens and stake them through the Sponge official website.
The Sponge V1 will be stopped to limit the scope of the attack.
Also, the liquidity of the Sponge V1 will unlock on February 6 based on the original contract. Therefore, the Sponge V2 is working hard to move the V1 holders to V2 over the Polygon network.
This migration will enable the fully decentralized Play-to-Earn game and low transaction fees.
Additionally, exchanges have been mandated to suspend the trading of Sponge V1 on February 5. So, the $SPONGE token will become worthless to limit the access gained by hackers.
Nevertheless, staked SPONGE V1 tokens will migrate automatically. Also, DeFi users can stake their tokens in the new pool for the same APY now.
However, for those who don’t stake their tokens, a snapshot will be taken on February 5 at 11 pm UTC, and their tokens will be moved to a new V2 contract at 0% APY. Daily updates on events in the Sponge V2 ecosystem will be posted on Discord and Telegram.
Conclusion
The uptick in prices in the last 24 hours could signal a more positive trend in the coming weeks. However, with cryptocurrencies, volatility is constant, and proper risk management remains vital to prevent devastating losses.
Historically, a bull run often follows each Bitcoin halving, and the pattern will likely repeat in 2024. Nevertheless, investors must pay attention to external economic events that could also influence projections and prices for cryptocurrencies.
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Nick Dunn
Crypto Journalist
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