Top Crypto Gainers on 26 February – MNT and FLR
Today, February 26, MNT, FLR, SMOG, SPONGE V2, and many other altcoins are recording remarkable gains in the crypto market. Mantle (MNT) is currently priced at $0.8871, showing an 11.45% increase compared to its worth in the last 24 hours.
The same goes for Flare (FLR); it is up by 18.74%, which is above $0.04644 in the last 24 hours. As with every crypto asset, performance depends on factors such as Bitcoin's (BTC) price, the broad crypto market, and ecosystem-specific developments.So, could these top crypto gainers today be performing well due to these factors? Keep reading to find out!
Mantle (MNT) - The EVM Compatible Network and L2 Technology for Scaling Ethereum
Today, the Mantle token (MNT) surged by 20% to a new all-time high of $0.95. For this, it stands out as one of the top gainers in the market.However, looking at the surge drivers is important to understand its performance.
This increase in MNT's value is a product of several factors combined.
First, Mantle offers double rewards for staking Ethereum, which attracts investors who seek high returns to add liquidity.
Additionally, the expanding ecosystem of DeFi projects associated with Mantle and its integration into the broader Ethereum L2 network have fuelled investor interest and confidence in the token's potential.
Furthermore, the anticipation surrounding Ethereum's L2 scalability solutions and upgrades has further bolstered sentiment towards Mantle, driving its price higher.
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Join @0xLevi_, and @blueclarityone for a Deep Dive workshop on the Mantle Discord to discover... pic.twitter.com/qUnJWjDYUg
- Mantle (@0xMantle) February 26, 2024
Also, the possibility of approval for spot Ether exchange-traded funds (ETFs) in the U.S. is a considerable driver for MNT's price today. With all these variables combined, it's likely that Mantle (MNT) is gaining traction and could break even more records in the coming days.
Already, it has been on a bullish streak in the last month with a monthly increase of up to 40%, 42% in the last 2 weeks, and a weekly gain of 15%.
MNT Indicators Suggest Potential Dip - Can The Third Support-Level Bounce Trigger a Rally?
In the chart above, MNT's price movement has formed a bullish expanding triangle" pattern, suggesting further price gains in the coming days.However, the ride won't be smooth as several indicators hint at a dip first before any uptrend continuation.
It has formed a red candle stick, and its Relative Strength Index (RSI) at the overbought zone (above 70) is plunging.Nevertheless, here's what you should know. The coin has touched its resistance trend line with two breakout attempts, and the newly forming swing high is expected to touch the line again.
Considering the effect of buyers at the appearance of an expanding triangle, a dip to the support line will mark the 3rd bounce for MNT, confirming a continuation of a bullish trend. As such, buyers will join the trend early to avoid missing out.
This will, thus, push MNT up, with a significant breakout above the resistance line.
Subsequently, the coin will continue its series of higher highs and higher lows in the long run. However, given the volatile state of MNT, traders and investors should use strategic trade setups for their counter-trend trades or simply wait for the 3rd bounce.
Flare (FLR) - The L1 Blockchain for Data
Flare (FLR), a digital currency supported by Ripple Labs Inc., is making big moves in the market, pushing its Oracle protocol to new price levels.The cryptocurrency has shot up by as much as 18.77% to $0.04702, hitting a high of $0.04794 in the past 24 hours.
Thanks to this surge, Flare's overall growth over the past week has reached an impressive 28.92%. The main reason behind FLR's surge is its recent ecosystem updates. The protocol announced receiving funding from investors such as Kenetic from Hong Kong, Aves Lair from New York, and others.
This funding round is important since investors have agreed to hold their tokens until the first quarter of 2026. When the holding period is over, they will reinvest their profits into projects in the Flare ecosystem.
Meanwhile, the Flare network is undergoing several upgrades, and there are upcoming votes on STP.06 and FIP.06. If these improvements are approved, then new features will be introduced.
Our recent proposal, FIP.05, was accepted by the community with a 92.02% vote in favor on September 9th.
A hard fork later this month (exact date TBD) will implement the changes.
- Flare
(@FlareNetworks) September 11, 2023
Note that these network upgrades are crucial since they expand Flare Oracle's capacity by adding 1,000 new data feeds. Amidst these updates, the Flare network has reached a milestone of 20 million blocks and 60 million transactions, showing significant growth.
Flare has carved out a space for itself in the Web3 oracle world and aims to compete with industry leader Chainlink (LINK).Despite its progress, Flare's Total Value Enabled (TVE) is behind Chainlink's.
Nevertheless, with its recent value pump and transaction increase, Flare is demonstrating its potential to set more ambitious goals for itself in the future.
FLR Breaks Above Upper Bollinger Band Amid Divergence - Can Its Volatility Halt the Uptrend?
FLR's price action in the chart above shows its consecutive series of higher highs and higher lows, indicating an uptrend market. As a result, the coin is gaining traction and enjoying more price rallies from investors and traders alike.
The trading volume indicator shows the significant accumulation levels of the coin.
Also, the RSI at 81.39 in the overbought zone (above 70) shows the unending persistence of buyers. This bullish momentum has triggered more gains for FLR in the long run, resulting in the 5-day consecutive green candlestick formation.
Also, this rally facilitated a breakout above the dynamic resistance level indicated by the upper Bollinger band.
Following this breakout, traders and investors expect more rallies to the $0.05 level. However, the market is becoming volatile as FLR's Bollinger bands are spreading out. As such, adequate risk management practices are required to make the most of any trade setup.
Smog (SMOG) - The Memecoin With A Difference
Smog is an exciting memecoin project inspired by the Chinese Year event this year, tagged the Year of the Dragon.Amidst its exciting launch, it has a viral following in the crypto community due to its ongoing airdrop event,
The Greatest Airdrop in History."
So, airdrop participants must buy and hold $SMOG tokens to gain airdrop points and complete other tasks. Also, $SMOG was launched on Solana and on Ethereum using the Portalbridge to enable the project to expand.
How You Can Join this Revolution?Users can purchase the $MOG tokens from the Solana blockchain by connecting a Phantom or Solana wallet.Next, they swap USDT, SOL, or BONK to purchase SMOG tokens. Those who hold or stake these tokens will be considered for the airdrop.
Also, those who prefer buying on Ethereum will enjoy a 10% discount and will stand a chance to benefit from the airdrop.Remarkably, stakers enjoy 42% returns on their staked tokens each year.
Currently, over 12.22 million SMOG tokens have been staked as more investors embrace the ongoing revolution.
What Other Crypto Experts Think?According to the gaming channel Buhok Gaming on YouTube, the SMOG token has a 1000x Potential, and investors should not be late again.Also, YouTube vlogger Franklin Emmanuel described SMOG as the biggest meme coin of all time.
Further, he referred to SMOG as the next meme revolution with the potential for short-term profits.
Spongev2 (SPONGEV2) - The Reward-Based Memecoin ProjectSame same but different
Join the #SpongeCommunity today!#100x #SpongeV2 #Crypto #Web3 pic.twitter.com/8seEENZV9P
- $SPONGE (@spongeoneth) February 25, 2024
Sponge V2 is the exciting relaunch of a community favorite token, SPONGE, with more utility and a vibrant community.The project aims to attract as much liquidity as possible and give investors who missed version 1 a second chance.
So, investors can buy and stake $SPONGE tokens to receive an equivalent amount of SPONGEV2 tokens by the claim date. As of May 8, 2023, Sponge V1 exceeded a market cap of 100 million and was listed on three centralized exchanges.T
his performance was likely one of the factors that triggered the memecoin season last year.
Sponge V2 hopes to enjoy higher success based on factors such as a possible bull run in 2024 and the upcoming Bitcoin Halving.
Also, the developers have included a weekly Play-to-Earn (P2E) game where participants can earn SPONGEV2 tokens directly from gameplay. This increases the long-term value of the SPONGEV2 tokens.
In addition, the game will feature a free and paid version, and the SPONGEV2 tokens will be used to purchase game credits. While the game is still in its development phase, it will add more utility to the ecosystem as gamers battle to rank high on the leaderboard.
Sponge V2 Review
YouTube vlogger Franklin Emmanuel shared his thoughts on the potential of Sponge V2. He noted that there is high speculation among investors and analysts that version 2 will do better than V1. He also recommended staking the token as an exciting avenue for profit.
Further, he remarked on the migration from V1 to V2 on Polygon based on a security breach and how the P2E game adds more value to the ecosystem.Also, the vlogger encouraged his viewers to review the whitepaper to get more details on the project.
Meanwhile, he spoke highly of the P2E game, noting that it tapped into the massive blockchain gaming sector and would attract more game lovers.
Sponge has a proven track record. However, market conditions often change, and volatility affects all cryptocurrencies.So, proper research and risk management still apply to this project. Nevertheless, for Sponge V2 stakers, there could likely be long-term rewards for their efforts.
Final ThoughtsThe global crypto market is still valued above $2 trillion today. This implies that there is an inflow of liquidity from investors in anticipation of a price increase.Also, BTC still holds massive influence over the market with a $1 trillion market cap valuation.
Therefore, a further rise for the asset will sustain the present uptrend. Nevertheless, investors can consider other altcoins that will likely yield more returns.
The post Top Crypto Gainers on 26 February - MNT and FLR appeared first on The Tech Report.