Crypto payments provider Alchemy Pay has announced plans to launch its own layer-1 blockchain, which the company says will target large-scale business applications.

Alchemy Pay (ACH) notes that the layer-1 blockchain will be dubbed Alchemy Chain and built on the Solana (SOL) Virtual Machine architecture. Per an announcement on Dec. 11, the new L1 will offer a payment system allowing users to transact with fiat and crypto.

The platform will also offer a user-friendly ecosystem bridging on-chain and off-chain processes, chain abstraction, a stablecoin revenue mechanism, and yield generation. Additionally, the blockchain network will integrate a layer-2 solution, as outlined in the company’s blog post.

Alchemy Chain is set to launch with a meme launchpad and a meme Telegram bot, aiming to tap into the growing popularity of meme-based projects.

The company revealed initial plans for the L1 blockchain in late October 2024, news that saw the price of ACH jump double-digits.

Latest details on the previously disclosed objective has also seen ACH price record a significant spike, with the token up 14%. However, as well as the project related news, its price was trading higher as Bitcoin (BTC) spiked to $100k amid fresh recovery by bulls.

In recent months, several platforms have looked to launch own layer-1 and layer-2 chains.

Coinbase unveiled the mainnet of Base in August 2023, while Chiliz revealed its own blockchain in February. World, formerly Worldcoin, partnered with Alchemy Pay to launch World Chain. Recently, crypto exchange Kraken disclosed plans to debut its L1 blockchain in 2025.

VeChain price continued its strong bull run, reaching its highest level in over two years as the altcoin index rose.

VeChain (VET) climbed to $0.080, marking a 270% increase from its lowest level this year and pushing its market cap to over $5.7 billion. Its rally aligns with other cryptocurrencies that surged during the 2021 bull run, such as EOS, NEO, and Zilliqa. 

Some analysts predict further upside for the coin, highlighting its ecosystem growth and practical applications. In a statement, Michel van de Poppe noted the VeBetter platform, which has completed over 335,000 transactions, and its partnership with UFC, a popular U.S. sports organization.

Another catalyst for VeChain’s price surge is Grayscale’s recent decision to list it as an asset “under consideration.” This suggests the company might launch a fund similar to its Grayscale Bitcoin Trust. Other assets under consideration include Bittensor, Chainlink, Filecoin, and The Graph.

In an X post, crypto analyst Gremlin Mystery predicted VeChain’s price could jump to $0.175, representing a 150% upside from the current level, citing strong technical indicators.

A potential fundamental risk for the VeChain price is that the amount of assets in its DeFi ecosystem has been quite small. It has a DeFi total value locked of $877,058, making it one of the smallest layer 1 networks in the crypto industry.

VeChain price analysis

VeChain’s price has rebounded in recent weeks, rising over 270% from its November lows. This recovery followed months of forming a falling wedge pattern, a widely recognized bullish signal. 

The coin has also formed a golden cross pattern as the 200-day and 50-day moving averages crossed. Additionally, it moved above the key resistance level at $0.0550, its February 2024 high.

Therefore, the likely scenario is where the VeChain price drops and retests the support at $0.0550 and then resumes the uptrend. This pattern is known as a break and retest, and is a highly popular continuation signs.

Further gains will be confirmed if the coin climbs past $0.080, its high for the week. If successful, VeChain could move on to test the $0.10 level.

The AMP token experienced a robust rally, reaching $0.0144, its highest level since March 11.

Ampere (AMP) has surged by about 300% from its yearly low, pushing its market capitalization to over $910 million.

The surge coincides with a broader shift into older cryptocurrencies that outperformed in 2021, following notable surges in names like Stellar Lumens (XLM) and Ripple (XRP).

AMP’s utility in the payment industry, particularly for its fast transaction speeds and low costs, has supported its price growth. Recently, AMP technology was integrated into Flexa, a growing payment network for e-commerce.

AMP’s price also rose as crypto analysts expressed bullish sentiments about the coin. In a statement, CJ Bennet, a popular crypto analyst, noted that the coin was poised for more gains, potentially reaching a record high.

Amp’s all-time high was $0.037, meaning that it still needs to gain 235% from its current level to reach that milestone.

The coin is also gaining as investors celebrate the arrival of altcoin season. Data from CoinMarketCap shows the altcoin season index has climbed to over 80, while the fear and greed index has risen to 88. Most altcoins tend to perform well during periods of high market greed.

Meanwhile, there are signs that AMP whales are accumulating the coin. According to Etherscan, one whale moved tokens worth over $2 million from Coinbase, which is seen as a bullish signal.

AMP price analysis

The daily chart shows that the AMP token price experienced a strong bullish breakout, reaching a high of $0.01450. It surpassed the crucial resistance level at $0.0091, its highest point on April 29.

The coin has formed a golden cross pattern as the 200-day and 50-day moving averages crossed each other.

The MACD and the Relative Strength Index also indicate upward momentum. Therefore, AMP needs to close above this week’s high of $0.01450 to confirm the bullish trend. A close below this high could validate a shooting star pattern, a common bearish indicator. If that occurs, the price may drop and retest the support at $0.0091.