Crypto Alts Skyrocket with Recent Announcements

On July 9th, the altcoin landscape observed a significant uptrend as Avalanche (AVAX), Cardano (ADA), Hyperliquid (HYPE), and Chainlink (LINK) prices rose from 1% to 4%, capturing considerable interest. This upsurge was spurred by pivotal announcements such as Projective Finance’s introduction of a $7 million solar energy credit pool on the Avalanche platform, Grayscale’s augmented ADA allocation to 18.5%, and a prominent Bitwise report emphasizing tokenization’s importance. These events piqued investor curiosity, pushing AVAX’s value to $18.49, ADA to $0.604, HYPE to $39.22, and LINK to $14.03, with double-digit growth in trading volumes.

What Impacted AVAX and ADA Prices?

On July 8-9, Projective Finance revealed a $7 million USDC-backed lending pool focusing on municipal solar initiatives in Illinois through the Avalanche network. This endeavor, presenting a regulated income stream, attracted funding entities interested in low-risk gains, thereby bolstering AVAX.

AVAX’s market price climbed above both the 7-day SMA and EMA, touching $18.49. This growth was supported by a favorable MACD histogram and a 10% increase in volume, enhancing its short-term potential. Investor sentiment surpassed 80%, and a neutral RSI of 48.7 reinforced buying activities.

Why Are HYPE and LINK Gaining Traction?

Grayscale’s decision to expand its ADA share to 18.5% within its $1.1 billion Smart Contract Fund has strengthened institutional trust. Recently, roughly 120 million ADA (valued at approximately $72 million) were pulled from exchanges, raising anticipation amid talks on expediting the SEC ETF framework. ADA prices approached the upper boundary of a descending wedge, exceeding $0.6053. A bullish MACD crossover and an RSI at 47.62 indicated ADA was not yet overbought, suggesting further ascent potential.

Hyperliquid’s HYPE token soared to $39.22 following significant purchases amounting to $6.14 million from four large wallets, ahead of the Kinetiq staking platform launch slated for July 15. Despite 847,000 HYPE (worth $33.2 million) remaining locked and Phantom wallet features available for 15 million users, additional liquidity was assured. A notable chance of short position liquidation surpassing $6 million at the $42 mark exists. The RSI at 53.13 remained stable, while technical indicators with volume support suggested a continual upward trajectory.

Chainlink achieved a value of $14.03, driven by its essential role in Bitwise’s tokenization market report and supportive partnerships with JPMorgan and Solana, leading to increased demand.

• AVAX reached a peak above the 7-day SMA, enhancing its appeal to investors.
• ADA tested critical resistance, hinting at possible further gains.
• HYPE saw substantial whale involvement, boosting its near-term outlook.
• LINK gained through strategic partnerships and infrastructure importance highlighted in reports.

The positive MACD histogram marked a first since June 25, as prices stood firm above their pivot point. A notable 52.6% volume surge within 24 hours to $406 million, coupled with a slight decline in Bitcoin‘s dominance, painted a favorable picture for altcoins during this phase.