AltLayer’s native token, ALT, experienced a significant surge on Monday, June 16, ahead of its listing on Upbit, one of South Korea’s leading exchanges. The price of ALT skyrocketed by 104% intraday, reaching a high of $0.051 before settling at $0.033 at the time of writing. This surge resulted in a 35% increase for the day, pushing ALT’s market cap to around $117 million, its highest valuation since February.
The catalyst for this price movement was AltLayer securing a listing on Upbit. Such listings on major exchanges often lead to short-term price spikes as they enhance liquidity access and investor visibility. However, these rallies can sometimes be short-lived as early investors take profits once the news is priced in.
Following the Upbit announcement, there was a notable increase in whale accumulation of ALT tokens. Large investors acquired significant amounts of ALT shortly after the listing news, signaling bullish sentiment to retail investors and reinforcing the upward price momentum.
In the derivatives market, there was a surge in interest for ALT futures, with the long/short ratio remaining above 1, indicating a dominance of long positions as traders anticipated further price appreciation. Additionally, onchain data from Santiment revealed a sharp rise in daily active addresses, a positive shift in weighted social sentiment, and increased Google search trends, indicating heightened retail engagement with ALT.
Technical analysis of ALT’s price action showed bullish indicators on the 4-hour USDT chart, with the MACD and RSI trending higher. The token remained above the 50-period and 100-period EMAs, with the 50-day EMA crossing above the 100-day EMA, signaling a bullish trend continuation.
Currently, ALT is trading above the $0.031 support level, with potential upside towards $0.055 if bullish momentum is sustained. However, a break below $0.031 could lead to a retest of the $0.023 support level, signaling a weakening of short-term bullish sentiment.
In conclusion, while ALT’s recent price surge was driven by the Upbit listing and increased investor interest, careful monitoring of key support and resistance levels is essential to gauge the token’s future price movements. As always, it’s important to conduct thorough research and consider all factors before making any investment decisions.
[Disclaimer: This article is for educational purposes only and does not constitute investment advice.]