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The Chainlink price surged more than 36% over the past week to trade at $19.61 as of 9:35 am EST as investors continue to go long on the altcoin.
The strong weekly performance allowed LINK to flip Dogecoin (DOGE) and climb into the top 10 list of the biggest cryptos by market cap.
The Chainlink Price Remains In A Bullish Channel
Daily chart for LINK/USDT (Source: TradingView)
The Chainlink price managed to break above a medium-term consolidation channel between $14.200 and $17.200 in the last couple of days. This resulted in the subsequent formation of a positive price channel. Should LINK continue to climb in the upcoming days, it may attempt to flip the $20.755 resistance level into support in the short term.
This bullish thesis could be invalidated if the Chainlink price falls below the lower boundary of the bullish price channel in the next 48 hours. In this alternative scenario, the crypto may retest the recently-breached mark at $17.200.
A drop below this significant price point may then expose LINK to the risk of falling to the next key support at $14.200. In an extremely bearish scenario, the Chainlink price may fall to as low as $11.895 in the medium-term.
The Chainlink Price Shows Little Signs Of Correcting
Technical indicators on LINK’s daily chart are flagging bullish. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators suggest the Chainlink price may continue its ascent in the next 48 hours.
The MACD line is currently breaking away above the MACD Signal line. Traders may identify this as a signal that LINK’s positive trend is growing stronger. In parallel to this, the RSI is breaking away above its Simple Moving Average (SMA) line, which could indicate that buyers are still growing stronger against sellers.
As Chainlink looks to continue its positive streak, experts are turning their attention to potential Pepe killer Sponge V2 as it looks to become the next best meme coin in the market.
Strategic Pivot To The Polygon Network
🚨 IMPORTANT REMINDER 🚨
Only 10 hours left until $SPONGE V1 will be discontinued.
Exchanges have been asked to suspend trading of SPONGE V1 today at 11 PM UTC.
Holders on both DeFi and exchanges should stake their Sponge V1 through our website to be able to claim SPONGE V2. pic.twitter.com/uU16ftWz7p
— $SPONGE (@spongeoneth) February 5, 2024
Sponge V2 seems to be on track to repeat the 100X growth that its predecessor, Sponge V1, achieved during the 2023 bear market. To ensure the success of this latest version of the meme coin, the Sponge team have lined up a number of major centralized exchange listings, and will also introduce a play-2-earn racer game.
This racer game will come in both a paid and free version. With the paid version, players will be able to earn Sponge V2 tokens. The meme coin will also need to be used as credits for the game. This will introduce a degree of utility to the meme coin project, which will separate it from other meme coins in the market.
The team recently decided to push forward the date of the project’s planned migration to the highly-scalable and cost-effective Polygon network. Not only will this give Sponge V2 exposure to the flourishing Polygon community, it will also reduce network costs for people transacting with Sponge V2. As a result, players of the racer game will be able to enjoy bigger profit margins.
A Potential 100X Opportunity
Given the number of potential exchange listings, the new racer game, and the migration to the Polygon network, analysts say Sponge V2 may 100X soon.
To acquire V2 tokens, investors will need to purchase and stake Sponge V1 tokens on the project’s official website. Investors that already hold V1 tokens will only need to stake their tokens to receive V2 tokens. However, investors may want to act fast, as Sponge V1 will be discontinued in the next few hours.
Sponge V2 can be acquired here.
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