The global crypto market is on a positive trend as participants anticipate the unfolding of long-awaited events. Remarkably, the total market cap has increased by 5.2% to $1.83 trillion in the last 24 hours.
Bitcoin broke above the $45,000 level today for the first time since April 2022.
Perhaps the possible approval of Bitcoin ETFs in the next few days is driving the current rally. So, the top crypto gainers benefit from the resurgence of Bitcoin ahead of upcoming bullish events such as the upcoming Bitcoin halving in April.
More facts and price patterns of the top gainers are covered in detail below.
Sei (SEI) – The Trade-Focused Blockchain
SEI’s price at 9:46 a.m. EST is $0.76, with a 21.1% increase in the past 24 hours. Also, in the past week, SEI has gained 59.7% in its price as buyers continue to dominate the market, forcing sellers to retreat.
Sei network recorded amazing growth in 2023, with some new features introduced, including the Atlantic-2 testnet and the Pacific-1 Mainnet Beta.
Sei has seen an unbelievable year of shipping, learning and growth in 2023:
✅Pacific-1 Mainnet beta
✅Fastest Chain at 390ms ttf
✅1.1 Billion Transactions, zero downtime
✅Parallelized the EVM internally
2024 is the year of the dragon; a… pic.twitter.com/cjhxN58I14
— Sei 🔴💨 (@SeiNetwork) December 31, 2023
The network recorded over 1.1 billion transactions in 2023 and zero downtime. Also, the developers stated that 2024 will be a year of innovation and execution. With over 600,000 Twitter followers, Sei is attracting massive attention from the crypto community.
On the daily chart, SEI has formed a bullish pattern as the buyers continue to accumulate the tokens.
SEI Buyers Target $0.74, Will It Break Above?
SEI has formed a rising wedge pattern on the daily chart as the buyers continue to push the price higher. After a rally between December 25 and 26, it declined on December 27 as buyers began to take profit.
However, the Maribozu Candle, formed on January 1, shows rising optimism among investors for the token.
The green candle formed today serves as further confirmation that SEI buyers are still active. SEI has found support at $0.71 and is attempting to break above the $0.74 resistance level, a move that will send the asset to $0.75 as the next realistic profit target.
Also, SEI is trading above the Parabolic SAR, which is a bullish signal indicating further increase ahead. Additionally, the Relative Strength Index (RSI) is 80.23, in the overbought region above 70 and still rising, confirming that the buyers are still in control.
Therefore, SEI will likely break above the $0.74 resistance level if the buyers sustain their charge.
Mina (MINA) – The Lightweight L1 Blockchain
MINA trades at $1.55 with an 11.0% increase at 9:48 a.m. EST. It has gained 31.1% in the past seven days, confirming buyers’ dominance. MINA protocol ranks as one of the most innovative blockchains and has attracted many users due to its relatively small size.
Mina ecosystem with mainnet upgrade, ETH bridges, L2s, and commercial zkApps in 2024 pic.twitter.com/InEPzjwBpo
— Mina Developers 🪶 (@MinaDevelopers) December 28, 2023
According to the developers, the Mina ecosystem will record major achievements in 2024. They include the mainnet upgrade, ETH bridges, Layer-2s, and commercial Zappos. However, on the daily chart, MINA faces resistance despite a positive performance in the past week.
MINA Facing Resistance at $1.55; Is The Rally Over?
MINA faces stiff resistance at $1.55 after forming a large green candle on January 1 as the buyers attempted a break above this level. However, a rejection occurred, leading to an inverted hammer forming on the daily chart. While the RSI is in the overbought region with a value of 73.21, it shows signs of retracement.
The RSI indicator is dropping and will likely drop to the neutral zone close to 50 in the coming days if the bulls are unable to overcome the $1.55 resistance level. Also, the Moving Average Convergence/ Divergence is above its signal line and displays a weak buy sentiment.
The fading green Histogram bars suggest a possible retracement ahead for MINA in the coming days. Therefore, MINA will likely drop to the $1.45 support level in the coming days if the buyers fail to overcome the $1.55 resistance level.
Astar (ASTR) – Top Parachain Network of Polkadot
Astar has been among the top gainers in the crypto world today. Its price shot up by 18.95% in just one day, way higher than the overall cryptocurrency market, which only grew by approximately 5%.
Also, over the past week, Astar surged by a whopping 48.47%, outperforming other similar cryptocurrencies that recorded a 7% increase during the same timeframe.
This surge could be because more people are buying the coin lately, as shown by the trading volume jumping up by 228% to $120.7 million.
Investors might see something special in Astar compared to other cryptocurrencies, making its value grow so fast.
Astar Network is no stranger to significant price surges, and this recent spike isn’t just a coincidence. They’re on the brink of an extensive upgrade known as Astar 2.0, slated for release this year.
This overhaul promises substantial technological advancements, such as ensuring a more equitable distribution of block resources and implementing a more efficient burn mechanism.
Users within the Astar ecosystem are eagerly anticipating this significant leap forward. However, Astar’s impact isn’t solely confined to technological innovation.
The community has showcased its altruistic side by extending support to victims affected by the recent earthquake in Japan.
Through a dedicated donation stream, members of the Astar community are rallying together to contribute to this cause, highlighting the community’s solidarity and compassion beyond the realm of blockchain.
ASTR Price Outlook: What Height Could Be Attained?
The chart above depicts Astar’s price movements in the long run. Today, January 2, 2024, the asset’s price is at $0.1609, confirming the bullish sentiment in its market in the last 24 hours.
Its consecutive green candlestick shows a spike in BUY trades reflected in the skyrocketing 24-hour trading volume.
Considering this significant price rally, it’s likely that the $0.1695 level may pose a critical resistance, triggering a short-term dip in the coming days. This may lead to reduced trading activities and price loss.
As a result, the support at $0.1360 is a perfect position to trigger more buying momentum at low values.
Again, ASTR is trading above the 50-day and 200-day Simple Moving Average, and its Relative Strength index is ascending to 83.27. Therefore, the bullish momentum on Astar’s market could last longer, facilitating a potential breakout above the $0.1695 resistance before the weekend.
Meme Kombat (MK) – Battle with Meme Characters for Crypto Rewards
This substantial capital influx reflects a strong initial interest and confidence in the project’s potential within the meme coin and GameFi landscape.
The project aims to emulate the monumental success achieved by notable meme coins like Pepe and Shiba Inu, giants that have attained staggering multibillion-dollar market capitalizations.
Yet, the meme coin market has become a fiercely competitive arena, saturated with new projects entering the space regularly. Meme Kombat’s entry into this competitive space signifies its bold attempt to carve out its niche.
What Could Boost the Value of Meme Kombat ($MK)?
This rising star operates against the backdrop of an optimistic cryptocurrency market sentiment. Ethereum’s surge, reaching beyond $2,400, and Solana’s remarkable 20% gain have amplified the overall bullishness in the crypto sphere.
Notably, Solana-based meme coins like BONK have witnessed significant growth, adding further credibility to Meme Kombat’s ecosystem.
What distinguishes Meme Kombat from run-of-the-mill meme coins is its integration of gaming elements, introducing an engaging “Arena” where participants can wager on battles between meme characters.
Additionally, the project offers holders an enticing opportunity for passive income through staking, boasting an impressive Annual Percentage Yield (APY) of 184%. Also, 76% of existing $MK tokens are staked; this has overcome the selling pressure from most holders.
Furthermore, industry experts suggest the potential for a massive surge in the price of $MK, up to a tenfold increase post-launch. But, this will rely on the backing of community members and promotional work. Meme Kombat wants to create an excited and active group that loves games, creative artwork, and funny jokes.
Co-founder Artem Enn also thanked them for the great support they got during the presale. This makes it clear that their vision is to create a legendary meme coin battleground.
The project has a strong community with over 20,000 members on social media. The Meme Kombat community continues to buzz with excitement.
Eventually, Meme Kombat will roll out more game modes and exciting features that will attract more players. This ecosystem thrives on smart contracts, and $MK will likely be one of the breakout tokens in 2024.
Overall, the developers believe in the long-term prospects of Meme Kombat as the bridge between gaming and Web3.
If the Bitcoin ETF approval has the desired effect, the crypto market will likely be set for another possible bull run. However, cryptocurrencies are notoriously volatile; therefore, investors must be wary of possible retracements in the market.
Also, the upcoming Bitcoin halving might push the market to even higher levels after April 2024. Additionally, Bitcoin’s gains will likely be reflected in the prices of altcoins since they react to their price movements.
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