Blockchain

Will Alchemy Pay Price Rally 450% As Launch of Layer-1 Blockchain Nears?

Published

1 week ago

October 28, 2024

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Crypto payment provider Alchemy Pay has announced its upcoming layer-1 blockchain, Alchemy Chain, a move aimed at streamlining fiat and cryptocurrency integration. Built on a Solana Virtual Machine (SVM) architecture, the new blockchain is expected to support Alchemy Pay’s payment ecosystem by offering scalable infrastructure for high transaction volumes.

This development has boosted interest in Alchemy Pay’s native token, ACH, which will serve as the utility token for covering gas fees on the network.

Alchemy Chain Role In Fiat & Crypto Payment

Alchemy Chain is designed to create a frictionless experience between fiat and cryptocurrency payments, aligning with Alchemy Pay’s goal of bridging traditional and digital finance.

The new blockchain will use a Trusted Proof-of-Authority (TPoA) mechanism to enhance security and transaction speed. With support for both ACH and fiat payments for gas fees, users will have more flexibility in managing transaction costs.

“Users can conveniently cover gas fees and transactions using either $ACH or fiat, with seamless conversion of profits and other on-chain earnings into fiat currency,” the company stated.

This dual-payment structure is a unique feature that could appeal to a broader user base, especially businesses that operate in both fiat and crypto.

Developer Tools and Support for Memecoin Projects

In addition to Alchemy Chain’s core functionalities, Alchemy Pay plans to launch tools to support developers and memecoin projects. These tools include a “Meme Launchpad,” which will allow creators to launch meme-based tokens with ease, and a “Meme Telegram Bot” that provides a user-friendly interface for interacting within the Alchemy ecosystem.

The company’s support for the memecoin sector is a strategic move to attract developers and tap into the growing demand for community-driven tokens.

The introduction of these developer tools reflects Alchemy Pay’s commitment to building a comprehensive ecosystem that caters to diverse projects. By simplifying entry for meme projects, Alchemy Chain aims to capture more engagement and innovation within its network.

Source: Coinglass

Post the announcement, there has been a surge in trading activity in ACH derivatives. ACH derivatives volume saw a 482.83% increase, reaching $60.61 million, which indicates heightened interest in ACH futures and options. This spike in volume shows robust participation from traders who are speculating on ACH’s price movements.

Furthermore, open interest for ACH derivatives, which reflects the total number of outstanding contracts that haven’t been settled, rose by +44.52%, reaching $10.70 million.

Alchemy Pay Price Surges Over 7%

Following the Alchemy Chain announcement, the price of Alchemy Pay’s ACH token has gained momentum. According to crypto analyst CryptoBull_360, $ACH recently experienced a 13% surge after retesting a critical horizontal support level around $0.0085.

“This level has repeatedly acted as a strong base for $ACH, indicating substantial buying interest whenever prices dip to or near this threshold,” noted CryptoBull_360.

After bouncing from the support level, ACH has rallied to approximately $0.0097, with increased trading volume signaling strong market interest. Should the bullish momentum persist, key resistance levels are anticipated at $0.01 and $0.0115, which could open the path for further gains. CryptoBull_360 commented, “If the current buying trend continues, the price could approach the $0.0120 mark or higher, depending on market dynamics and subsequent volume support.”

Source: X

This analysis aligns with crypto analyst Javon Marks who noted, “$ACH has recently broken out of its Falling Wedge pattern, signaling a potential bullish momentum ahead.” If this upward trend continues, some analysts predict that ACH could rally by up to 450%, with a possible price target near $0.11087.