ACH spikes as Alchemy Pay unveils plans for a new chain

The Alchemy Pay (ACH) token surged 10.12% on Oct. 28, forming a “God candle” and rising to a high of $0.020, marking its highest level since Oct. 25—a 20% increase from last week’s low.

The rally followed the announcement that Alchemy plans to launch the Alchemy Chain, built on the Solana Virtual Machine (SVM) architecture. The new chain is designed to support the growing demands of its payment platform by offering faster transaction processing, lower costs, and enhanced security.

Alchemy Chain will use the Trusted Proof-of-Authority (PoA) mechanism to ensure the integrity and speed of validating nodes, providing a secure environment for users and further bolstering the platform’s scalability and efficiency.

In addition to the launch of Alchemy Chain, the platform will introduce a meme launchpad, designed to help developers create and launch their own meme coins. The Meme Telegram Bot will guide creators through the ecosystem, simplifying the process.

With the launchpad, Alchemy Pay aims to tap into the rapidly growing meme coin segment within the crypto space. Similar projects, such as Pump.fun, a meme coin generator built on the Solana blockchain, have seen substantial success, with its tokens now valued at over $2.1 billion. Similarly, Tron’s SunPump, a meme coin generator, has amassed a market cap of $276 million.

Alchemy Pay’s move into this area places it alongside other prominent crypto projects that have launched independent chains. Coinbase debuted Base, a Layer-2 network in 2023, which has since gained significant traction. Uniswap recently announced plans to roll out UniChain, a Layer-2 network designed to streamline its services, while dYdX also launched its own chain last year.

Alchemy Pay’s independent chain positions it as a new player in the growing trend of platforms creating their own ecosystems to enhance scalability and drive innovation in the crypto industry.

ACH token formed a God candle

The Alchemy Pay (ACH) token recently formed a “God candle” on the daily chart, reflecting a strong bullish move in response to the announcement of the upcoming Alchemy Chain project. This large price surge propelled the token above significant technical levels, including the $0.01795 resistance (which had been its lowest point on Oct. 10 and Oct. 3) and the 50-day moving average. The token also moved above the 38.2% Fibonacci Retracement level, which is often seen as a key indicator of price retracement and potential continuation.

Despite the bullish movement, there are signs that the momentum from the Alchemy Chain announcement might fade in the coming days. This could lead to a pullback or consolidation. If such a pullback occurs, $0.01900 could act as a key support level, where the price might find buying interest again.

If the price manages to break above the next resistance at $0.02, it could trigger further upside potential, signaling a continuation of the current bullish trend. For now, traders should monitor these levels closely to see if the momentum holds or if a correction unfolds in the short term.