Sluggish Bitcoin Price Movement Shifts Traders’ focus to LINK, ALGT, and SUI

TLDR

• Bitcoin price fails to break resistance of $44,700 and stays range bound. 
• LINK registers impressive 40% growth led by institutional activity. 
• SUI crosses $500 in Total Locked Value (TVL) with impressive on-chain activity.
• ALGT exceeds expectations in the pre-stage round after a $1.1 Million private seed raise. 

Bitcoin price has continued to stay range-bound despite the new inflow observed in spot exchange-traded funds (ETFs). Leading experts are predicting that this lackluster price action could continue for weeks before an increase in buying interest is observed. 

A positive outlook in the medium term is that selling by the Grayscale Bitcoin Trusts (GBTC) has been slowing down. According to data by BitMEX, GBTC outflows have decreased to around $200 million since the end of January. This marks a significant decrease from the $640 million high point on January 22. 

In the past few days, Bitcoin has managed to stay above the 20-day exponential moving average (EMA). However, the upward movement has failed to generate upward pressure to overcome the resistance at $44,700. The result is a sluggish price movement that has led investors to consider other avenues. 

Sideways movement in bitcoin price is a positive sign for traders to explore promising opportunities in altcoins. Let’s take a look at some leading cryptocurrencies that can outperform Bitcoin in the short term. 

Chainlink (LINK) Price Action Shows Tremendous Strength – Up 40%

Despite the sideways movement of the overall crypto market, Chainlink continued to defy the odds to continue its massive rally. The blockchain connectivity platform’s native token is up over 40% in the past few days due to increased institutional interest. 

According to Token Terminal, LINK’s trading volume has consistently increased in the past 30 days, resulting in a volume of nearly $10 Billion in the past three days. Onchain blockchain data also suggests accelerating accumulation by institutional investors. As of the writing of this article, eight new wallets have collectively withdrawn 227,350 LINK tokens (Worth $4.12 million). 

SUI is another project that managed to attract attention for its rapid growth. Within months, the Layer 1 blockchain surpassed $500 in Total Locked Value (TVL) to establish itself in the top 10 list for DeFi ecosystems. On-chain activity also exploded on the blockchain, with volumes increasing by over 63% compared to the previous week. 

Another standout addition is the impressive Algotech (ALGT) platform. Priced at just $0.04 in its current presale stage, the project has managed to turn heads for its impressive private seed round. One leading insider has gone so far as to forecast that ALGT could reach highs of up to $1 by the end of this year. This outlook positions Algotech as a serious competitor to legacy projects.

The project is also anticipated to feature cutting-edge features, including trading pattern detection for breakouts, mean reversion, and hedging. Additionally, the tokenomics of the project are heavily geared towards community rewards and governance rights. 

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