DeFi tokens seem to have gained significant bullish momentum as the largest altcoin projects surged significantly with a slight increase in Bitcoin prices. According to analysts, it is possible that Uniswap (UNI), Avalanche (AVAX) and Chainlink (LINK) among all tokens will ignite a powerful DeFi boom very soon. In addition, analysts see some of the Layer 2 coins likely to experience a rapid recovery in the coming days. We have compiled the analysts, DeFi altcoin analyzes and Layer 2 coins introductions for our readers.
Uniswap (UNI), the first DeFi altcoin project
Uniswap price has been extremely bullish over the past month as the asset has seen a massive increase of over 70%. Surprisingly, the price sustained a parabolic recovery curve and reached the neckline of the curve.
A slight pullback is possible for UNI to continue the same uptrend, performing the Cup & Handle pattern. With the consolidation paused, the price is likely to rally towards the immediate resistance above $10 to reach $12 by the end of August 2022.
Second place is Avalanche (AVAX)
Avalanche price is moving in an ascending parallel channel. Interestingly, he’s getting ready to bounce off the mid bands. Therefore, it is possible for the asset to consolidate at these levels to some extent. Afterwards, we expect it to move towards the resistance around $27.
Meanwhile, when the resistance of the channel collides with the major resistance levels, a pullback is likely after a short consolidation. However, with strong pressure from buyers, the asset is likely to move beyond critical levels. Accordingly, it is likely to secure $30 by the end of August 2022.
Latest DeFi altcoin project Chainlink (LINK)
Uniswap and Avalanche are showing strong bullish momentum. On the other hand, Chainlink’s price seems to be stuck between bulls and bears. LINK price is currently trading inside a symmetrical triangle and far from the top of the consolidation
Therefore, the altcoin is likely to consolidate for a while and test the upper resistance at $7.78. If the price fails to reach the resistance, the low support at $6.66 is likely to hold the asset strong during a breakdown.
First among Immutable X (IMX) Layer 2 coins
As you know, Layer-2 projects aim to alleviate basic problems such as scaling, speed and cost. One of them with potential is Immutable X (IMX). The altcoin was created on Ethereum with the aim of solving fundamental problems with Non Fungible Tokens (NFTs).
cryptocoin.com As you follow, high gas fees in the leading altcoin Ethereum network have always been a problem. Immutable X aims to solve this problem. For this, it offers NFT printing and trading with instant transaction confirmation and very low transaction fees.
Second place is MetisDAO (METIS)
Metis is based on the spirit of Optimistic Rollup. Within this framework, a Layer-2 project created to fully support application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports NFT platforms, decentralized social platforms like Reddit, and much more.
In addition, Metis integrates the Decentralized Autonomous Enterprise (DAC) framework into its Layer-2 infrastructure. This is a differentiating factor that makes it easy for developers, builders or community leaders to build their apps and communities. METIS, on the other hand, has a function as the community token of the project. The token has a very low supply of 10 million. In addition, 4.3 million METIS are currently in circulation.
SKALE Network (SKL) is last in the list of Layer 2 coins
SKALE Network was founded by Jack O’Holleran and Stan Kladko, both with extensive experience in the software industry. The developers designed SKALE as an elastic network to bring scalability to Ethereum. The decentralized project aims to reduce latency as well as increase processing capacity. It also aims to ensure that payments are made with as low a fee as possible.
The local asset of the altcoin project is SKL. The maximum supply of the token is 7 billion. The amount currently in circulation is 3.6 billion.
