The crypto market has transitioned into a positive phase as the market cap has increased to $1.74 trillion. Remarkably, Bitcoin has risen above the $43,000 price level, which is likely driving the price gains in the market.
This recovery is likely because Bitcoin whales accumulated $3 billion worth of BTC this month.
Also, the total number of wallets holding at least 1000 BTC increased by 76,000 BTC. Therefore, this accumulation will likely support the next rally in the crypto market. Furthermore, Invesco and Galaxy Asset Management lowered the fees of their spot Bitcoin ETF to $0.25% from $0.39 to attract more investors.
So, these positive developments have resulted in a rally among the altcoins in the past 24 hours. More facts about the top gainers are captured below.
Pendle (PENDLE) – The Financial Protocol
PENDLE is up by 20.1% in the last 24 hours, trading at $2.68. Also, it has gained 39.1% in the last seven days, confirming that the buyers are in control of its price action.
Pendle’s ecosystem is all about creating massive yields for investors. Impressively, progressive developments are ongoing in 2024 that are likely to boost PENDLE’s price.
Also, BitgetWallet and Pendle_fi are hosting a staking campaign to reward loyal users.
Stand a chance to win a share of $3,000 worth of $PENDLE with @BitgetWallet 🚀
Details below: https://t.co/WKp02BMvD9
— Pendle (@pendle_fi) January 29, 2024
Participants in this campaign stand a chance to earn a share of a $300 airdrop, earn 10.25% APY, and split daily additional $500 rewards.
To qualify, the users must stake in any pool in the Pendle staking dashboard in the Bitget Wallet, and the top ten speakers qualify for prices.
Meanwhile, Pendle_fi has some of the highest yields based on the massive increase in the yield trading volume, which exceeds $950 million. So, users can earn more than 30% fixed APY from the PENDLE pools.
Another factor driving the price increase for PENDLE is the rETH pool on the network crossed $50 million in TVL within four days on January 29.
Users can earn $ARB by filling their Limit Order on Pendle. According to the announcement on January 29, the total reward for the week is 10,000 ARB, and the pool will be refreshed each week.
So, yield traders will earn a share from the pool weekly, depending on their Limit Order Volume Contribution.
Furthermore, Pendle_fi partnered with Ondo Finance to create yield swaps for DeFi participants. They hope to achieve this by leveraging on tokenized cash equivalents.
As a result of all these developments, PENDLE displays a bullish recovery pattern on the daily chart as the buyers continue to accumulate the tokens.
PENDLE Approaching $2.70 Resistance Level, Will It Break Above?
PENDLE has snapped out of the descending chart pattern formed between January 26-28, forming a bullish recovery pattern on January 29.
Today, it has formed higher highs on the price chart and is attempting to break above the $2.70 resistance level. If PENDLE rallies above this level, $2.9 will become the next price target.
Also, PENDLE trades close to the upper band of the Donchian Channel (DC), confirming strong buying pressure for the asset. Additionally, the Relative Strength Index (RSI) is close to the overbought zone above 70, with a value of 69.09.
The RSI indicator is still rising, which means it will likely enter the overbought zone, confirming a strong bullish signal. So, PENDLE will likely break above the $2.70 resistance level in the coming days since the buyers are still accumulating the tokens.
SUI Token (SUI) – The Smart Contract L1 Platform
The Sui token has made an impressive comeback, reaching a new high of $1.63, marking a significant 52% weekly increase today, January 30. This is the highest point since May 3 of the previous year, as the price surged by an astounding 342% from its lowest point in 2023.
The rise of Sui can be attributed to its innovative structure and ecosystem fund. Its design enables fast transactions and reduces costs in comparison to similar networks such as Ethereum.
So, fast transactions and lower costs attract more users to the ecosystem.
Also, the recent announcement of Banxa’s expansion to the Sui network has aided SUI’s price gains. This expansion provides users with an easy way to acquire Sui tokens using Banxa’s on-ramp platform.
Meanwhile, Sui’s expanding Decentralized Finance (DeFi) ecosystem also makes it more attractive to investors.
Fiat on-ramps for Sui are coming thanks to @BanxaOfficial!
Banxa will be adding the SUI token to its platform and @Mysten_Labs’ Sui Wallet will give users the opportunity to purchase SUI tokens through Banxa’s on-ramp. https://t.co/1jIOMYjK7r
— Sui (@SuiNetwork) January 29, 2024
Sui’s ecosystem has a Total Value Locked (TVL) of over $443 million, making it rank among the top 10 DeFi networks globally.
Source: Defillama
Remarkably, Sui has outperformed top cryptocurrencies like PulseChain, Base, Cardano, Cronos, and Aptos. Also, Sui has surpassed the Cardano network, which has a market cap exceeding $17 billion.
Data from Defillama reveals 22 DeFi applications, with NAVI Protocol leading the pack as a liquidity provider with over $98 million in assets.
The NAVI Protocol is vital for lending and borrowing on the Sui network, contributing to its growth. With its innovative features, expanding ecosystem, and notable partnerships, Sui has captured the attention of investors worldwide, making it a promising asset in the days to come.
Today, January 30, SUI is bullish on the daily chart as the buyers continue to accumulate the tokens ahead of further price increases.
SUI Set to Enjoy Bullish Market Trend in the Short and Long Term – Where Could Resistance Occur?
The chart above represents a clear bullish market for SUI in the long run. It is trading above its 50-day and 200-day Simple Moving Average (SMA), which serves as dynamic support levels.
Again, it has formed two green consecutive candlesticks representing the massive BUY orders placed in the market in the last 2 days.
As a result, the Relative Strength Index (RSI) is at 68.37 and approaching the overbought market region (above 70). If the BUY orders remain significantly higher than SELL orders, then the RSI will enter the overbought region (above 70).
However, since crypto prices can fluctuate dramatically, the RSI could retrace to the neutral level at 50 or dive into the oversold region (below 30).
While this could happen, SUI is still very much bullish, so the chances for a dip are slim. The coin has a horizontal support level of $1.37, hinting at a significant demand zone for the coin.
If any pullback toward this level occurs, buyers could enter the market at such a zone to trigger a price bounce in no time.
Considering these positive signals for SUI’s market, it’s likely that the coin will hit new price levels in the coming days to weeks. Nevertheless, crypto traders must adopt adequate risk management strategies and devise smart trade setups to make the most of their trading decisions.
Sponge V2 (SPONGEV2) – The Crypto Revolution Season 2!
Visit Sponge V2 Presale
Sponge V2 is an exciting crypto project beyond a memecoin and comes with extra utility in its Play-to-Earn (P2E) game. Investors’ interest in the project continues to rise, as evidenced by over 6 billion tokens already staked.
Sponge V2 relies on staking to preserve its long-term value and control inflation within its ecosystem.
Huge milestone alert, #SPONGERS! 🔥
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14! 🤯
Our holders are enjoying an impressive current APY of +250%. 🚀
Join us and absorb the damp!! 🧽🧽💦💦#SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
Following the launch of version 2, $SPONGE holders must bridge their tokens by transferring them to new staking pools to earn exciting rewards. After the staking period, users can claim their Sponge V2 tokens on the website.
Positive Reviews Of Sponge V2 Confirms Rising Popularity
Crypto analyst Connor Kennedy is bullish on Sponge V2, stating that there is more to come from the cryptocurrency in 2024. Also, analyst Jacob Crypto Bury shared a similar sentiment, describing the token as a 100X cryptocurrency.
Apart from the commendations, the introduction of the Play-to-Earn game will attract more users to the ecosystem since they can earn $SPONGEV2 as a reward for playing this game.
Exciting Roadmap and Tokenomics Hints at Sponge V2’s Vast Potentials
According to the roadmap, there are three main stages of development for the Sponge V2 ecosystem. The first stage features the staking of Sponge V2 tokens, buy-and-stake, game research, and liquidity.
Next, the second stage will feature SPONGEV2 token claims, listing on top exchanges, game development, and at least 10,000 token holders.
Finally, the third stage will focus on Tier-1 centralized exchange listings, the game app launch, and the race to a $100 million market cap. Also, more social dominance and liquidity from investors are the targets in this stage.
Overall, marketing and community are important aspects of this project.
Sponge V2 already has a strong community across social media channels and is poised to be the next memecoin success in 2024. Moreover, 43.09% of the total token supply of 150 billion tokens is reserved for staking rewards.
All these investor-centric provisions will likely push $SPONGEV2 higher in price gains.
Conclusion
Investor sentiment is largely positive in the crypto market today, with the crypto Fear and Greed Index displaying greed. This means that most investors are buying cryptocurrencies due to Bitcoin’s recovery. If BTC rallies above $45,000 in the coming weeks, an uptrend will likely begin in 2024.
But while BTC might be out of reach for most investors, they can diversify into other altcoins for profitable investment. Nevertheless, all investors must carefully consider the risks associated with crypto investments since they are volatile.
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