As a seasoned crypto investor with over a decade of experience in this dynamic market, I can confidently say that today’s altcoin surge is reminiscent of a rollercoaster ride I’ve grown quite fond of. The top trending coins, Hyperliquid (HYPE), Fartcoin (FARTCOIN), and Chainlink (LINK), have all shown impressive double-digit growth in the last 24 hours, a sight that never fails to excite me.
Today, it seems that the altcoin rally has resumed its course following a temporary pause. This is evident as most of the popular altcoins have experienced significant price surges – over ten percent – within the past day.
Significantly, these cryptocurrencies have made it onto this list primarily because of growing investor trust and reduced selling activity. Using information sourced from CoinGecko, the three altcoins currently gaining traction are Hyperliquid (HYPE), Fartcoin (FART) and Chainlink (LINK).
Hyperliquid (HYPE)
It’s not surprising that Hyperliquid is currently a popular altcoin among active market participants, given its impressive performance since its recent launch. Even without being listed on exchanges, the price of HYPE has managed to outshine several other cryptocurrencies.
To clarify, HYPE’s value has skyrocketed by an astounding 464.50% since the mentioned timeframe, with approximately one third of that growth occurring within just the last day. Furthermore, the trading volume during this period surpassed $230 million, suggesting that on-chain activity continues to reach extraordinary heights.
If the current pattern continues, it’s possible that HYPE could increase beyond $18 in the near future. But if the owners of this altcoin choose to sell some of their holdings, this trend may shift, potentially causing the token’s value to drop significantly.
Fartcoin (FARTCOIN)
Today, Fartcoin – the amusing cryptocurrency built on the Solana network – is garnering attention due to an impressive 15% jump in value over the past 24 hours. This coin, famous for its humorous “transaction fee” mechanism that emits a digital fart sound each time a transaction occurs, has piqued the interest of investors.
Additionally, there’s more to consider than just this one reason for its increase. In fact, Fartcoin has recently hit a record high and exceeded a market capitalization of $500 million, earning it recognition as a notable altcoin in the current trends.
Earlier this month, from November 30 to December 5, there was a significant drop in FARTCOIN’s value. This decline amounted to approximately 52%. The intense selling activity caused the altcoin’s worth to plummet from $0.36 down to $0.17.
Currently, the Bull Bear Power (BBP) indicates a change in market direction for Fartcoin, as its price stands at $0.52. If the BBP trend persists, there’s a possibility that Fartcoin could reach $0.60 in the near future.
Should purchasing activity significantly increase, the token may surge towards around $0.90. Conversely, if there’s a strong wave of selling, similar to what happened a few weeks ago, that trend could reverse, potentially causing the value to drop to approximately $0.29.
Chainlink (LINK)
Just like the other two, the value of LINK has seen a rise. Notably, this altcoin has hit its peak price point in approximately 37 months. However, LINK’s inclusion among the trending altcoins is not solely due to this price increase.
As a crypto investor, I recently came across some intriguing news from BeInCrypto: Donald Trump’s World Liberty Finance reportedly bought approximately $1 million worth of LINK on December 11. Yet, it seems that the Trump team isn’t alone in this trend, as many others are also amassing significant amounts of this altcoin.
Moreover, Santiment’s findings showed that over 100,000 LINK-holding wallets have increased their holdings by approximately 5.67 million in the last two months. This significant accumulation has likely played a key role in the recent surge of Chainlink’s price. If this trend persists, it could potentially drive up Chainlink’s value even further.
In simpler terms, an analyst studying blockchain data suggested that LINK’s potential for further price increases could be influenced by the movements of Bitcoin.
Historically, in the world of cryptocurrency, big wallets buying coins from anxious or impulsive individual traders often leads to an increase in market value. It’s important to remember that even for well-established altcoins like Chainlink, their success remains linked to Bitcoin’s stability. If Bitcoin maintains its strength, there are clear indications that those who hold onto their coins with patience will reap benefits over the long term, as Santiment suggested on their platform (previously Twitter).
Technically speaking, the resistance level at $22.34 for LINK has been converted into a support level. This implies that the altcoin could potentially avoid any impending price correction.
Should LINK be validated, its value could potentially rise beyond its previous high of $29.46 and reach $34. Conversely, if the token falls below its support level, it may drop to $17.99.
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2024-12-12 20:41