The cryptocurrency market witnessed a surge in certain tokens on May 2, with positive developments adding to the momentum. Axelar (AXL), the native token of the Axelar network, a platform that facilitates interoperability across Web3, has experienced a significant price increase. Another blockchain project, Altlayer, introduced a new staking mechanism that caught the attention of the market. Additionally, tokens such as the JTO coin in the Solana ecosystem have experienced a collective rise.
Axelar is waiting to break the record
AXL has experienced a significant increase of 14% in the last 24 hours, reaching a price of $1.21 at the time of writing. This increase brings AXL close to its all-time high of $2.66, achieved in March 2024. A clear break above the current $1.26 resistance level could potentially trigger a fresh rise towards the all-time high and beyond.
Additionally, the Axelar technical chart is indicating a potential uptrend on the 12-hour time frame with a confirmed breakout from the bearish pennant formation. This technical indicator strengthens the possibility of continued price increases for AXL. The positive momentum coincides with increased staking activity on the Axelar network. Since January 2024, the number of AXL stakers has doubled to exceed 10,000. This means an impressive average of 56 new stakers have joined every day over the last 30 days.
Altlayer flew with its new announcement
Altlayer’s native token ALT made headlines today due to its price increase coinciding with the launch of the ‘reALT’ token. This innovative ERC-20 token simplifies the staking process for ALT holders by automatically compounding rewards. Users who stake ALT receive reALT in return, making it easier to accumulate rewards. The ‘reALT’ token adds another layer to Altlayer’s staking program, allowing users to participate in the Xterio MACH dual staking pool alongside ETH and LSTs for upcoming ecosystem rewards. With this development, ALT coin rose by more than 5 percent.
JTO coin, JUP and more are rising
Beyond individual project developments, May 2 saw an overall bullish trend for tokens in the Solana ecosystem. SOL, the native token of the Solana blockchain, rose a significant 11.74% to $135.8. Other notable gains include JTO (21.97%), JUP (13.07%), RAY (10.71%) and WIF (17.08%).
Positive price movements in these projects indicate a wave of optimism in the cryptocurrency market. AXL’s potential breakout to a new all-time high, Altlayer’s innovative staking solution, and the collective rise of Solana ecosystem tokens contribute to this bullish sentiment. It will be interesting to see how token prices develop in the coming months as these projects continue to develop and gain traction.
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