Avalanche, Cardano, Hyperliquid, and Chainlink Soar as Prices Surge Remarkably
In Brief Altcoin prices surged due to strategic announcements and initiatives. Institutional investments bolstered AVAX and ADA prices significantly. Tokenization reports and whale activity boosted HYPE and LINK interest.
On July 9th, the altcoin market witnessed a market rally as Avalanche (AVAX), Cardano $0.622759 ( ADA ), Hyperliquid (HYPE), and Chainlink $14 (LINK) prices increased by 1% to 4%, drawing significant attention. This positive development was bolstered by key announcements such as Projective Finance’s $7 million solar energy credit pool on the Avalanche network, Grayscale increasing its ADA stake to 18.5%, and Bitwise’s report emphasizing tokenization. These factors spurred investor interest, leading to AVAX reaching $18.49, ADA $0.604, HYPE $39.22, and LINK $14.03, alongside a double-digit growth in trading volumes.
Institutional Influence on AVAX and ADA
On July 8-9, Projective Finance introduced a $7 million USDC-backed loan pool for municipal solar projects in Illinois leveraging the Avalanche network. This venture, offering a regulated revenue stream, attracted funds aiming for low-risk returns toward AVAX tokens.
AVAX’s price ascended above the 7-day SMA and EMA, reaching $18.49, strengthened by a positive MACD histogram and a 10% volume increase, enhancing its short-term outlook. Furthermore, community optimism surpassed 80%, and a neutral RSI of 48.7 bolstered buy orders.
On the Cardano front, Grayscale reinforced institutional confidence by raising its ADA share to 18.5% within its $1.1 billion Smart Contract Fund. Over the past two weeks, 120 million ADA (about $72 million) were withdrawn from exchanges, elevating expectations amid discussions on an expedited SEC ETF framework. ADA coins tested the upper band of a descending wedge, touching $0.6053. A positive MACD crossover and an RSI of 47.62 indicated that ADA remained outside of the overbought zone, with room for further gains.
HYPE and LINK Emerging as Strong Contenders
Hyperliquid’s HYPE token surged to $39.22 following $6.14 million in purchases from four whale wallets, ahead of the Kinetiq staking platform launch on July 15. With a total of 847,000 HYPE (valued at $33.2 million) remaining locked and Phantom wallet integrated for 15 million users, additional liquidity was ensured. A risk of short position liquidation exceeding $6 million at the $42 mark loomed. The RSI at 53.13 maintained neutrality, while volume-supported technical indicators hinted at sustained upward movement.
Chainlink rose to $14.03, fueled by its mention as essential infrastructure in Bitwise’s report on the tokenization market, further highlighted by partnerships with JPMorgan and Solana $158 , augmenting demand.
The MACD histogram turned positive for the first time since June 25, as prices hovered above the pivot point. A 52.6% jump in 24-hour volume to $406 million and a slight retreat in Bitcoin $111,189 ‘s dominance contributed to the favorable outlook for altcoins during this period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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