SUI Price is Down, But This New Meme Coin Is Up in Presale
Since last week, the SUI token has seen its fair share of volatility alongside the broader crypto market.
This price drop has sparked a reaction among investors as many speculate if this is a buying opportunity or if another downturn is coming. The Web 3 token SUI has dropped by 4% in the last 24 hours, trading at $0.52.
SUI Price Analysis - Will SUI Price Drop Further?Starting from July 20, the coin has experienced a phase of stabilization followed by significant declines. The daily chart shows that SUI's market is swimming in bearish momentum, as evident in the consecutive red candles.
Chart. Source: TradingViewSUI coin is trading below the Exponential Moving Average (EMA) indicator, indicating a possible downtrend.
Since June, SUI has been trading below the 50-day Moving Average (MA), a stiff barrier to its price growth. However, the coin's current RSI is at 37, heading toward the oversold zone, which indicates that the asset is set for a potential rebound.
If the market rebounds, SUI may likely reclaim the $0.80 price. Conversely, if it fails, then the bearish trend will persist, and the price will drop significantly.
Also, the Moving Average Conversation/Divergence is below the signal line, depicting a high sell pressure in the market. Given the current market position, SUI could continue its price decline in the next few days until investor sentiment shifts.
Key Price Levels
Chart. Source: TradingViewThe value of the SUI coin is heading toward the support level of $0.5129. If it rebounds from this point, it could push the price of the SUI coin toward the resistance level of $1.0547.
Given an increase in positive momentum, the bullish side could hold up against the selling pressure, leading to a potential market recovery from the pivotal support level.
Conversely, the bearish trend could continue if the bullish momentum falters, causing the price to breach the significant support level at $0.5129.
What Constitutes This Bearish Market?As reported by CNBC, Bitcoin, the leading cryptocurrency, experienced a drop of over 8% within the past 24 hours, bringing its price to around $26,000.
SpaceX, a company connected to Elon Musk, disclosed that its Bitcoin holdings were valued at $373 million in 2021 and 2022. Additionally, the company sold some BTC tokens, although the exact timing of the sale remains unclear.
This selling activity raised concerns and fear among traders, leading many individual investors to start selling their holdings. This caused a widespread drop in the overall crypto market. SUI has yet to be talked about much on social media. They recently posted a tweet explaining something called the Deep book."
DeepBook, Sui's native Central Limit Order Book, takes advantage of low gas fees even as trading volume increases, letting users take more of their assets to market.
Read more about DeepBook's economics:https://t.co/L0WDW6oSvo
- Sui (@SuiNetwork) August 17, 2023
The Deep book is like a special tool for SUI. The people who make SUI say it helps with trading by lowering fees, even when many people are trading. This tool helps investors in the market.
However, this tweet has received only a small response, partly due to the network's complexities, making it hard for newcomers to join in.
A similar situation happened when they introduced SUI Builder House. This special online world linked to SUI offers learning materials in different ways. SUI believes this SUI Builder House should make more people use the token. But despite these efforts, SUI has yet to attract as many investors as expected.
Notably, SUI's new Head of Strategy is Sina Nadar, who used to work at FTX US. Nadar's connection to the FTX exchange must have discouraged investors from getting involved with SUI.
SUI Alternative - SONIKAmid the heightened volatility and uncertainty in the crypto industry, investors might find an opportunity in Sonik Coin, a rapid meme coin.
Inspired by the popular Sonik the Hedgehog series, Sonik Coin is its unique meme coin venture. Upon its listing, the goal for Sonik Coin is to swiftly become the first meme coin to reach a $100 million market cap, offering rewards to its backers.
With a fast-paced approach and an exciting plan, Sonik Coin has managed to spark interest among its growing community.This initiative embodies the spirit of spontaneity, offering users a chance to profit from tokens that might seem insignificant.
Sonik Staking Mechanism Set The Project Apart From Its CounterpartsThe project's distinctiveness comes from its staking function, setting it apart from other memecoins and adding to its usefulness and overall worth.
People can put their tokens in staking to earn significant returns, as 40% of the total supply is reserved for rewarding those who stake over four years.
The rewards will depend on how much someone stakes compared to the total staking pool. More than 4.98 billion $SONIK tokens have been staked, and the yearly returns are at 481%.
About 10 billion $SONIK coins have been put in a particular savings spot, and people are getting a big bunch of extra coins each year, which is 26,648%.
But as more folks start putting their coins in this special place, the extra coins they get each year might be less.
Sonik Presale ActivitiesSONIK is in a special early sale where each coin costs a tiny amount, like $0.000014. They've already collected over $143,200 from this sale.They want to gather around 2.09 million coins during this special sale, and you can easily buy these coins using a safe crypto wallet with ETH or USDT.
Let's talk about where this coin might be headed. SONIK promises to take its users on an exciting journey with its step-by-step plan.The first part focuses on making the coin and the special staking. They're also creating funny Sonik memes and having an early sale.
The second part is about starting the staking, doing some marketing, and another big sale. The third part is about making a strong community, rewarding people who used the saving thing, and hoping to become worth a lot of money.
If you're considering investing, this early sale is a chance to get these coins before they become worth more once they start trading on different exchanges.
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