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The native token of the Elastos ecosystem, ELA, has emerged as the top gainer among the top 500 cryptocurrencies while a key indicator suggests downward momentum. 
ELA is up 35% in the past 24 hours and is trading at $4.24 at the time of writing. The asset’s market cap rose to $91 million, making it the 384th-largest crypto asset. While daily trading volume of Elastos also recorded a 50% rally, reaching $2.57 million. 
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 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/01/Elastos-ELA-12.12.44-02-Jan-2024-1024x347.png" alt="Elastos emerges as top gainer among top 500 cryptocurrencies - 27" class="wp-image-14233365">
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 ELA price and RSI – Jan. 2 | Source: Santiment
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</figure> 
Data shows that over 64% of the spot ELA <a href="https://crypto.news/glossary/volume-in-crypto-trading/">trading volume</a> comes from Coinbase with the US dollar trading pair.&nbsp; 
 You might also like: <a href="https://crypto.news/solana-dex-volume-breaks-28b-in-december/"> Solana DEX volume breaks $28b in December </a> 
According to data provided by the market intelligence platform Santiment, Elastos could face notable selling pressure as the asset has been recording consecutive declines since reaching a local top of $4.6 on Jan. 2.&nbsp; 
Per Santiment, the Relative Strength Index (RSI) of the ELA token currently stands at 74.7. The RSI indicator suggests the possibility of a further price drop as the asset’s bullish momentum might have been triggered by big players. 
With the recent spike, Elastos registered a 425% price rally over the past year after falling to an all-time low of $0.79 on Jan. 3, 2023. The price hike started in mid-December 2023 after the blockchain developer <a href="https://crypto.news/elastos-token-ela-jumps-100-following-bitcoin-layer-2-announcement/">announced a layer-2 network</a> for Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) — calling it “Bitcoin Elastos Layer2” or “BeL2” for short. 
Despite the recent price rally, ELA is still down by 95% from its all-time high of $93.9, which it hit on Feb. 24, 2018. 
 Read more: <a href="https://crypto.news/modest-investors-turned-into-millionaires-via-solana-rally/"> Modest investors turned into millionaires via Solana rally </a>

Elastos emerges as top gainer among top 500 cryptocurrencies

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