SUI is approaching a critical smart money zone, with price action signaling that big moves could be on the horizon. Sustained trading above $2 may trigger a breakout, setting the stage for the next significant leg higher.
SUI Reaches Stage For Major Money Entry
Crypto analyst Crypto Patel, in a recent post, highlighted that SUI is at the same stage where big money typically enters the market, urging traders not to miss this opportunity. According to the weekly chart, the long-term ascending channel remains intact, and price is currently trading near a sell-side liquidity grab close to trendline support, signaling potential accumulation.
The chart also shows strong weekly demand and a bullish order block between $1.15 and $0.80, indicating that the market structure is poised to turn super bullish if SUI clears higher-timeframe resistance. The current compression phase is a classic setup for expansion, meaning the market is preparing for a potential breakout.
Crypto Patel emphasized that smart money tends to buy during compression, while retail often enters after confirmation of the move. If the breakout confirms, projected targets for SUI are $5, $10, and $20, illustrating the potential scale of the next trend. As Crypto Patel puts it, “This is how big trends are built, slowly, then suddenly. Liquidity is cleared, demand is active, and patience gets rewarded.”
Price Trading Around $1.28
Altcoinpedia outlined that SUI is currently trading around $1.28, which serves as the anchor for near-term market analysis. The price structure indicates ongoing consolidation above support near $1.50, while resistance is observed around $2.00. This setup reflects a tightening range as buyers and sellers balance, suggesting that a decisive move could be approaching.
Price oscillation within this range highlights that sustained volume expansion above $2.00 could drive the next leg of the trend toward $2.50. Conversely, failure to break this resistance, particularly with shrinking volume, increases the likelihood of a retest of support at $1.50. Should that level fail to hold, price could decline further toward $1.20.
Momentum currently resides in a neutral state, reflecting indecision in the market. In a bullish scenario, a clean break above $2.00, confirmed by momentum indicators, would signal trend continuation. On the downside, a breach of support under heavy volume could accelerate selling pressure and confirm a bearish scenario.
Traders are advised to use key range boundaries for entries and exits, managing risk around both support and resistance levels. For longer-term investors, it is prudent to wait for a decisive breakout from the current consolidation, which would provide a clearer signal for trend direction and reduce the risk of false moves within the neutral range.
SUI trading at $1.22 on the 1D chart | Source: SUIUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
SUI is showing early signs of a meaningful shift in momentum after reclaiming a key smart money accumulation zone on the weekly chart. Following a deep corrective phase, the price structure is beginning to stabilize, suggesting that patient buyers may be positioning for the next major move. With higher-timeframe support holding and a bullish structure gradually rebuilding, the setup hints that a larger expansion could be brewing.
Defending Weekly Accumulation After Deep 2024 Correction
Crypto analyst Crypto Patel, in a post shared on X, highlighted that SUI continues to hold a high-timeframe accumulation zone on the weekly chart following a deep correction from its 2024 highs. According to the analysis, the broader market structure now points toward a re-accumulation phase with smart money participation.
Related Reading
From a technical standpoint, several constructive signals stand out. The liquidity sweep at the lows has already been completed, while a strong weekly bullish order block between $1.50 and $1.30 has been fully filled. Also, the fair value gap overlaps with a demand zone. Since reacting from this region, SUI has already delivered a bounce of roughly 45%, indicating growing bullish responsiveness.
The structure remains technically healthy, with price action respecting a rising channel and the high-timeframe bias gradually shifting back toward the upside. These developments suggest that the corrective phase may be maturing, allowing for a more sustained recovery if current conditions persist.
Looking ahead, Crypto Patel outlined ambitious upside targets at $5, $10, and $20, contingent on the broader bullish structure remaining intact. As long as SUI/USDT holds above the $1.20 level, the macro bullish thesis remains valid.
The analyst also noted that the optimal entry zone, previously shared around $1.50–$1.30, had already played out, delivering close to 50% gains on a short-term swing. Overall, this remains a patience-driven weekly setup with attractive risk-to-reward for both spot and swing traders, but invalidation could occur on a weekly close below $1.20.
SUI Respects Structure After Completing HTF Correction
Sui Community outlined that the recent price action is far from random and continues to respect a clear structural framework. Following a complete high-timeframe correction, SUI has transitioned into a re-accumulation phase, with price stabilizing inside a well-defined weekly demand zone.
Related Reading
This zone is where smart money participation has become evident, signaling renewed confidence after the corrective move. The community also made reference to the same $1.30 and $1.50 entry zone as Crypto Patel, which has since been filled and validated, delivering gains of roughly 50%.
At this stage, the outlook shifts into a patience-based weekly play with an asymmetric risk-to-reward profile. As long as the broader structure holds, the long-term upside targets remain firmly in focus at $5, $10, and $20.
SUI trading at $1.7 on the 1D chart | Source: SUIUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com
In a latest update, BeLaunch posed the high-stakes question: Could SUI really reach $20 in the next bull cycle? After getting hit hard during the October 10 flash crash, SUI is starting to show strength again, and the charts are now painting a very interesting picture that could signal the beginning of a major turnaround.
Potential Scenarios For SUI
BeLaunch recently outlined two possible scenarios for SUI’s next move, each with distinct probabilities and implications. According to the analysis, the token is currently at a critical juncture, where its next few moves could determine the broader market‘s direction.
In the primary scenario, which carries an 8/10 probability, SUI is testing a crucial breakout above the red dashed resistance line. Wave (2) appears to have completed its cycle, setting the stage for Wave (3) — typically one of the most impulsive moves in the Elliott Wave structure. A confirmed breakout at this level could propel SUI toward new highs.
The alternative scenario, rated at a 3/10 probability, suggests that the current price structure could remain corrective. In this case, SUI may form an alternative X wave near the $5.37 region before extending into another corrective phase (Alt Y). Although less likely, BeLaunch noted that traders should still monitor this possibility closely.
Technical and On-Chain Alignment Suggests Market Bottom Nearing
According to BeLaunch, on-chain fundamentals for SUI are showing early signs of recovery, despite broader market attention remaining elsewhere. The data reveals that Total Value Locked (TVL) has been holding firm around $1.4 billion, though the analyst notes that a move above the $2 billion threshold would mark a more decisive shift in momentum. At the same time, Daily Active Users (DAU) have been climbing gradually, now sitting near 900,000.
BeLaunch noted that despite this encouraging on-chain behavior, SUI’s price remains lagging, a common indicator of a classic accumulation phase. During such periods, investors often underestimate the asset’s underlying strength while long-term players quietly position themselves ahead of a potential breakout.
Historically, SUI has shown a tendency to rally within two to four weeks after both TVL and DAU metrics begin trending upward. If this pattern repeats, it could signal that SUI is currently in a quiet accumulation window before a stronger move to the upside. This alignment between historical behavior and present data gives a subtle yet compelling bullish undertone.
Overall, BeLaunch emphasized that the technical and on-chain setup appears robust. Fundamentals are stabilizing, momentum indicators are shifting, and WaveTrend signals are flashing a bottom below 40. If the current trend persists, SUI could soon emerge from consolidation and enter a new bullish phase.
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.
In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.
In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.
Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.
Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.
Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.
Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.
Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.
He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.
In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.
His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.
Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.
Crypto markets are preparing for a wave of selling pressure as more than $998 million worth of token unlocks hit circulation between August 25 and August 31, according to data from Tokenomist.
The largest scheduled releases include Sui (SUI), Optimism (OP), Jupiter (JUP), and Huma Finance (HUMA).
Heavy Unlock Schedule
The token activations consist of several one-off cliff unlocks totaling roughly $185 million per the Tokenomist website, as well as multiple linear unlocks, which will contribute a much larger $813 million.
Sui tops the list with $161 million worth of tokens, representing 1.2% of supply, set to hit the market. It is followed by Slash Vision Labs (SVL), which will make available nearly 19% of its supply valued at more than $37 million.
Other notable one-time unlocks include Jupiter’s $27.31 million, Optimism’s $24.30 million, and Kamino’s $13.97 million. Huma Finance, meanwhile, will add nearly $10 million worth of its native cryptocurrency, amounting to more than 21% of its supply, to circulation.
Linear unlocks will stretch across several major assets. Filecoin alone will see more than $22 million worth of its FIL token released daily for a total of about $156.39 million over the week.
Solana is also scheduled for significant unlocks, amounting to over $104 million, with each day seeing about $14.87 worth of new SOL hitting the market. Meanwhile, Dogecoin (DOGE) faces just over $3 million in new tokens each day.
Elsewhere, Avalanche’s circulating supply will expand by about $2.5 million daily, and Worldcoin (WLD) will see close to $5 million in fresh tokens entering the market each day of this week.
Market Outlook
Investors may be particularly alert to the performance of HUMA, which set a new all-time low at $0.0254 today according to CoinGecko, down more than 78% from its May peak.
Other unlock-bound tokens are also showing strain, with Sophon (SOPH) losing 9% in the last seven days, while Renzo (REZ) dropped almost 7% in the last 24 hours and was trading 95% below its 2024 high at the time of this writing.
Solana is also in the spotlight. In a recent interview, BitMEX co-founder Arthur Hayes said he prefers to back Ethereum over SOL for the current cycle, suggesting ETH offers stronger upside potential. However, the asset has risen by more than 10% in the last week to just over $200, even though it shaved off 3.4% in the past day.
Meanwhile, Dogecoin is showing mixed signals. The OG meme coin is trading near $0.23, down more than 4% in 24 hours, with analysts tracking a symmetrical triangle pattern forming on the charts. Support sits at $0.22 and resistance at $0.25, with a decisive move expected soon. One market watcher, Ali Martinez, suggested a DOGE rally toward $0.31 could follow a breakout, while failure to hold support risks a slide to $0.19.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
SUI is gathering bullish steam as it heads toward a possible breakout, with a notable milestone of $2.1825 in sight. Recent market activity suggests an upswing could be on the horizon, following a strong rebound at the $1.5 support mark.
If the bulls maintain their momentum, SUI’s path might lead to a significant price advancement, signaling a promising opportunity for traders and investors alike. However, the question remains; will the pressure be enough to push past this critical resistance?
This analysis aims to examine SUI’s current bullish momentum and assess whether rising pressure could drive the price to a potential target of $2.1825. By analyzing recent price movements, support levels, and resistance zones, this piece seeks to provide traders and investors with insights into SUI’s capacity for a breakout
SUI Bullish Surge Aims At $2.1825 Mark
Following its recovery at $1.5, SUI’s price on the 4-hour chart has continued to build pressure, approaching the $2.18 mark with a focus on breaking past it. SUI has also moved above the 100-day Simple Moving Average (SMA), signaling a strengthening upward trend that could pave the way for a potential breakout.
The 4-hour Composite Trend Oscillator shows bullish signs for SUI, with its SMA and signal lines rising above the zero line, indicating a growing positive trend. In addition, the widening spread between these lines implies strong support for a sustained uptrend, reflecting increased buying interest as the asset approaches key resistance levels.
Also, on the daily chart, SUI has demonstrated firm upward momentum, marked by a bullish candlestick pattern after a successful rebound at $1.5. Currently trading above the 100-day SMA, SUI’s position not only confirms an optimistic phase but also suggests that previous resistance levels may now act as support, creating a solid foundation for future gains.
Finally, a detailed analysis of the Composite Trend Oscillator formation on the 1-day chart reveals fresh bullish movement for SUI. The indicator’s signal line is aiming to cross above the SMA line, a classic key indication suggesting robust buying interest. Positioned above the zero line, this crossover attempt indicates that positive sentiment is likely building, with the potential to drive prices more on the upside.
Support And Resistance Levels To Watch
On the upside, resistance around $2.18 presents the next hurdle for SUI. Successfully breaking above this level could pave the way for higher targets, including its all-time high of $2.36. A breach of this resistance would significantly increase the possibility of reaching new price milestones.
However, if the cryptocurrency fails to surpass the $2.18 resistance level, it may initiate a downward move toward $1.5. Should it break below this support, the decline could extend further to the $1.42 support level and beyond.
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
With the market at an extremely volatile position, SUI bears pushed their advantage forcing losses on the token’s holders. Despite strong developments on-chain, SUI still flashed red with over a whopping 23% losses since last week.
On-chain, SUI continues to solidify its position in the world of DeFi. However, with the market’s sway on the token, its short-term performance might be clouded by the fear, uncertainty, and doubt present in the market.
Related Reading
NFTs And Gaming Fuel Sui Development
DARKTIMES, an MMORPG game built on Sui, has announced that it will launch the game’s Alpha state will release later this year. The game has been in stealth development since 2021 according to the founder and CEO of DARKTIMES, Lucien Dormann, in an interview. Users will catch the playtest of the game at Korea Blockchain Week which will occur September 3-4 this week.
This development came hand in hand with the recent announcement that SuiPlay OX1, the platform’s handheld gaming console, will officially be open to pre-order in the next ten hours. No spec sheet has been released yet, but the console will be available in 2025.
In the realm of NFTs, the platform has been chosen by Artifi, an art investment company, which is “to turn high-end art into another asset class that’s accessible to the masses.”
The resurgence of NFTs on Sui came despite the asset class being under the scrutiny of the Securities and Exchange Commission (SEC) which alleged that NFTs are securities and is willing to bring the regulatory hammer down on Opensea. How will this affect the future of NFTs and NFT-based developments on Sui in the long term remains to be seen.
SUI market cap currently at $2.083 billion. Chart: TradingView
SUI To Return To Manageable Levels After Market Pressure
Despite the overall bearishness plaguing the broader market, investors and traders should remain optimistic. SUI is currently trading right between the $0.71-$0.79 trading range which lies well on the 61.80% level of the Fibonacci retracement tool, marking the significance of the range when it comes to the long-term performance of the token.
Related Reading
The token’s relative strength index (RSI) still signals that the bears overwhelm the market. However, SUI’s return to this level remains a bullish signal as the 61.80% level will provide the bulls with a strong support level to aid future price movement.
SUI’s strong correlation with major cryptocurrencies like Bitcoin and Ethereum will give the token the momentum it needs to recover in the medium term; that is if market sentiment flips to bullish within this timeframe. If the token stabilizes in its current trading range, SUI bulls should have the opportunity to retest and potentially break $0.96 in the long term.
Featured image from Chainwire, chart from TradingView
The burgeoning world of Decentralized Finance (DeFi) has witnessed a rollercoaster ride for newcomer Sui, a Layer 1 blockchain designed to scale DeFi applications. After a stellar start to 2024, Sui’s Total Value Locked (TVL) – a metric reflecting the total value of crypto assets deposited in its DeFi protocols – surged to a record $724 million in late March. However, this celebratory moment proved fleeting, as the platform has since experienced a downward trend.
SUI TVL Takes A Tumble
Despite the recent decline, Sui’s TVL currently sits at a healthy $654 million, according to DeFiLlama. This translates to a 12% drop from its peak, showcasing a correction following its initial surge. However, it’s important to note that Sui remains in a positive light compared to some established players.
While the recent dip might raise concerns, Sui boasts a more optimistic outlook when considering a broader timeframe. Compared to its New Year’s Day value, the current TVL represents a significant 25.5% increase.
This upward trajectory extends further back, with a staggering 68% growth since the beginning of the year. This impressive background performance fuels optimism for Sui’s potential to regain its momentum, potentially propelling it towards a coveted spot amongst the top 10 DeFi chains.
Total crypto market cap is currently at $2.571 trillion. Chart: TradingView
SUI Token Mirrors Market Trends
The price of Sui’s native token (SUI) reflects a similar pattern to its TVL. Currently trading at $1.65, SUI has shed nearly 30% of its value compared to its all-time high of $2.20 reached in late March. Despite the recent slump, SUI has managed a modest 2% daily increase. However, zooming out reveals a 11% loss over the past week.
SUI price action in the last week. Source: CoinMarketCap.
Can Sui Recover its DeFi Mojo?
Regaining the lost TVL will be a key test for Sui’s development team. Identifying the reasons behind the user exodus is essential. Were there any security concerns or technical glitches that caused users to pull their funds? Transparency and addressing these issues head-on will be critical for rebuilding user confidence.
Meanwhile, a vibrant DEX ecosystem is another pillar for Sui’s future. Decentralized Exchanges allow users to trade cryptocurrencies directly with each other, without the need for a centralized intermediary.
Fostering a healthy DEX landscape will attract more users and liquidity to the Sui blockchain, ultimately boosting its TVL. Enticing established DEX protocols to migrate to Sui or supporting the development of native DEX solutions could be effective strategies.
Featured image from Pixabay, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Market optimism subsided in January, but some tokens are rising contrary to general trends. Which coins have become the top five fastest-growing cryptocurrencies this month?
The digital coin market, despite its peculiarities, is considered a potentially profitable investment instrument. The tokens listed below have managed to maintain their market positions and experience rapid growth despite the unpredictable market situation.
Sei (SEI)
Sei Network is an independent blockchain built on software solutions from the Cosmos ecosystem. The developers position it as a network for high-frequency trading applications with high transaction processing speed. In April 2023, the project raised $30 million from Jump Crypto, Multicoin Capital, and Flow Traders at a valuation of $800 million.
The Sei Network blockchain project released its own SEI token in August 2023, organizing its partial sale through the Binance Launchpool platform and distribution in the form of an airdrop to active users who took part in testing the project at an early stage.
Since its launch, the token has surged by 7622%, reaching a price of $0.617. It became one of the fastest-growing cryptocurrencies in January, with a 51.76% increase in price since the beginning of the year. Meanwhile, there are no apparent reasons for SEI to grow in January 2024, as the project has yet to announce any fundamental changes.
Source: CoinMarketCap
Pendle (PENDLE)
Pendle is a protocol that allows tokenization and trading of future returns. By creating a new AMM that supports time-decay assets, Pendle gives users more control over future returns by providing optionality and the ability to leverage it. This allows the trader’s strategy to be more flexible.
Since August 2023, the price of PENDLE has experienced rapid growth. The rise has significantly accelerated in the last four weeks, resulting in a multi-year high of $2.47 and a 110% increase, earning it the title of the fastest-growing coin in the crypto market. However, the token was trading below its all-time high of $3.83 on November 16, 2021.
Source: CoinMarketCap
The project team’s significant activity can explain the token’s rapid growth in recent weeks. Over the past month, Pendle has launched several initiatives, including the launch of rsETH from Kelp DAO.
Introducing Pendle LRT’s newest addition – rsETH by @KelpDAO 🚄
With this, you’ll finally be able to start racking up Kelp Miles faster than anyone else, while earning great yields and rewards from Pendle at the same time. 🚀 pic.twitter.com/Gt7bdD22wW
Astar Network is a multichain that acts as a hub for decentralized applications (dapps). According to the developers’ plans, the Astar network can become a hub for smart contracts in the Polkadot ecosystem. This project offers users well-developed tools for scaling blockchains and decentralized applications. Astar positions itself as the premier hub for everything powered by decentralized technology. This is a tool for scaling applications across different blockchains.
Examining the list of sponsors and partners reveals a clear trend toward the widespread adoption of multichain technology for smart contracts across various platforms and blockchains. Universality is seen as a key strategy for achieving scalability and enhancing the profitability of decentralized platforms.
Over the past month, the native token of the ASTR project has surged by nearly 60%, reaching a value of $0.1725. Several important announcements contribute to the current status of ASTR as one of the highest-growing cryptocurrencies.
Source: CoinMarketCap
Recently, Astar Network revealed its plans to release tokenomics, zkEVM, and other updates within the next two months. The founder of the project, Sota Watanabe, announced that the launch of the Astar zkEVM leading network is scheduled for early 2024.
Maker (MKR)
MakerDAO is an Ethereum-based contract platform that allows you to issue the stablecoin Dai against cryptocurrencies and real assets. The name of the platform comes from the term “market maker”. The project operates and develops in an utterly decentralized manner with the help of DAO. The governance token of MakerDAO is Maker (MKR).
The token has seen steady growth over the past year, with the MKR price rising along a steep upward support line since June last year. This line was tested for strength in August, after which the token resumed its growth.
In January, the coin broke the critical mark of $2,000, rising in price by more than 45% in a month and becoming one of the top three fastest-growing altcoins for January, according to CoinMarketCap.
Source: CoinMarketCap
Sui (SUI)
The Sui Network is a relatively new blockchain project launched on May 3, 2023, to address issues related to the centralization of digital assets. The Sui Network team is confident that achieving this goal will propel them to become one of the leading platforms in the world.
In January, the Sui Foundation, in collaboration with Mysten Labs, announced Sui Basecamp, the first global conference scheduled in Paris in April. The event will bring together developers and partners worldwide as the web3 community gathers for Paris Blockchain Week.
Source: CoinMarketCap
Since its launch in early May 2023, SUI has dropped in price by 30%, recording an all-time low on October 19, 2023. However, by the end of the year, the token gradually recovered, rising in price from $0.3643 on October 19 to $1.20 at the time of writing. Over the past month, the token has confidently demonstrated an upward trend, rising in price by 42%.
Fastest-growing crypto this week
This week’s top 3 crypto gainers included cryptocurrencies associated with blockchains.
The apparent leader of the week from Jan. 22 to 26 was Manta Network (MANTA). The price of MANTA has been rising along an ascending support line since the coin was listed on Binance on Jan. 18th. It remained below the horizontal resistance area at $2.65 during this time. After bouncing off the trend line on Jan. 23, the token accelerated its growth rate and made a bullish breakout of this horizontal area the next day. The coin is currently trading at $3.09, having risen in price by 40% over the week.
Following closely behind is Chiliz (CHZ), a project that helps sports fans participate in the lives of their favorite teams using CHZ fan tokens. The token began to recover from the downtrend and reached a price of $0.11, having risen by 27% over the past week.
The Pyth Network (PYTH) closed the top three, with an increase of almost 23% over the past week. The coin rose in price to $0.40. One of the growth drivers was the news that network staking reached new heights with 110,000 wallets.
The Pyth Network is built on the idea that financial data is valuable and not always available for free. Instead of approximate data, Pyth uses first-party financial data to contribute directly to the blockchain.
Summing up
When analyzing the profitability of cryptocurrencies, it’s crucial to consider the significant growth rate of crypto movers. Resist succumbing to FOMO and assess whether you might be entering a particular coin too late. The value of a cryptocurrency is determined by supply and demand on leading digital currency trading platforms. Various factors can influence cryptocurrency prices, including current market sentiment, news events, important announcements, and changes in regulatory approaches. Considering these factors, the value of cryptocurrency can fluctuate over short periods, making it a highly volatile investment.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
FAQs
What is the fastest-growing cryptocurrency?
As of the current writing, the fastest-growing cryptocurrency right now is the Pendle project’s token. Since the start of the year, the coin has experienced a remarkable price surge of over 110%, accompanied by a steady increase in trading volumes and market capitalization.
What is the next cryptocurrency to boom?
It’s challenging to predict it with certainty. Many experts believe that Bitcoin (BTC) has significant potential for future growth. The approval of spot Bitcoin ETFs and the upcoming halving event in 2024 contribute to a positive forecast for the first cryptocurrency’s rate. Historical data suggests that halving has historically propelled Bitcoin to new highs. Additionally, the introduction of a spot Bitcoin ETF in the U.S. may attract capital from institutional investors to the market.
Which crypto will recover the fastest?
While it’s impossible to make definitive predictions, many experts believe that Ethereum (ETH) is positioned for a swift recovery. The coin has garnered increased attention in recent weeks, fueled by excitement surrounding Ethereum spot ETFs in the U.S. Expectations of positive developments could potentially propel ETH to new heights.
Which fastest-growing cryptocurrency to invest in?
Determining the ideal fastest-growing cryptocurrency depends on various factors, such as your investment strategy, risk tolerance, and financial goals. There’s no one-size-fits-all answer. For example, for a long-term accumulation strategy, prominent options to consider include BTC, Ethereum (ETH), or BNB from Binance. It’s crucial to conduct thorough research and align your choices with your specific investment objectives.
The crypto market is set to experience significant token unlocks in November, with projects such as Aptos (APT), Avalanche (AVAX), and Hashflow (HFT) leading the way.
These unlocks are anticipated to release more than $320 million worth of tokens, contributing to the overall $450 million set to enter circulating supplies in the crypto market this month.
It is worth noting that such substantial releases could have immediate and long-term effects on both the price and availability of these digital assets.
Aptos And Top Players In November’s Token Release
Token unlocks are events where previously locked tokens become available for trading, often increasing a project’s circulating supply. These events are critical moments for projects, as they can signal maturation and a new phase of market dynamics.
Aptos, a Layer 1 blockchain created by former Meta executives, is expected to have the most significant token unlock by value, releasing 24.8 million APT tokens, currently representing about $165.6 million at today’s price.
Aptos’s upcoming unlock on November 12 is not just substantial in value but also notable for its distribution, with core contributors, investors, the community, and the Aptos Foundation all set to receive portions of the release.
Meanwhile, Avalanche, another Layer 1 blockchain, is preparing for its considerable token unlock later in the month on November 24, which will see 9.54 million AVAX tokens (valued at approximately $99.3 million at today’s price) released, marking 2.7% of its circulating supply.
Hashflow, a multi-chain decentralized exchange, is slated to have the largest token release by circulating supply percentage. It is poised to unlock 160.38 million HFT tokens, approximately 73.9% of its circulating supply, on November 7, injecting roughly $42 million into the market.
The distribution of these tokens will span early investors, ecosystem development, the core team, and community rewards, adding another layer to the economic activities of the project.
Other Notable November Token Unlocks
Other projects like Optimism (OP), ApeCoin (APE), and Sui (SUI) are also scheduled for significant token unlocks this November. However, they pale in comparison to the top three in terms of value. Optimism is set to unlock 24.16 million OP tokens worth $32.4 million.
Each unlock carries potential implications for the broader crypto market, as they may affect liquidity, trading volume, and investor sentiment. Furthermore, out of these six tokens above set to unlock this month, Aptos and Avalanche are the top gainers.
Aptos (APT) price is moving sideways on the 4-hour chart. Source: APT/USDT on TradingView.com
Currently, both assets are up 38% and 22%, respectively, in the past 14 days. APT trades at $6.82, down by 2% over the past 24 hours, while AVAX trades at $11.02, down by 2.7% over the same period, at the time of writing.
Featured image from Unspkash, Chart from TradingView
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
