SUI Breaks $0.9 Resistance Zone as Investors Eye Sponge V2; Is It Still Worth Buying?
Since yesterday, January 10, the entire crypto market has been gaining significantly. This is likely linked with the successful approval of the spot Bitcoin ETF by the SEC.
Following this, coins like SUI went on a bullish ride. Based on its chart, the coin (SUI) broke the $0.90 resistance level.
But the question is: Can the bulls sustain the frenzy? Why the future remains uncertain, market participants remain optimistic that the bull market is underway. Amid this optimism, a new eye-catching meme coin has emerged with the potential for 100X returns in the coming weeks.
Sui Post Notable Gains as Bulls Persist; What's Next?The coin bullish today and may continue this way in the coming days. The token traded between $0.50 and $0.6 for most of November 2023.
However, thanks to the bullish sentiment in the broader market, SUI surged over 33% to a high of $0.80 from a low of $0.6 in late December.
But it wasn't long after the upswing that profit-taking investors triggered a swift 20% retracement, pushing SUI back to $0.68 within days.The price of SUI later stabilized around $0.8 upon entering 2024.
This period saw SUI fluctuate between $0.79 and $0.87 as bulls and bears fought for control.
Surprisingly, after several days of consolidation, the bulls took charge, and SUI surged again, even surpassing the previous high to reach $1.032 on January 10. However, the $1.032 poses a significant resistance to further gains for the asset, so the upswing remains limited in the near term.
According to CoinMarketCap, in the last 24 hours, SUI has been up by 20% in the past week and has recorded a price increase of more than 24%. Also, the coin has gained over a 55% price increase in the last 30 days.
As of 5:56 a.m. EST, SUI is traded for $1.01 with an over 130% increase in 24-hour trading volume, hinting at increasing buy trades as the bulls persist.
SUI Network Surges: Record-Breaking Activity and Key Developments Propel Growth in 2024A crypto analyst recently revealed that activity on the SUI Network has surged over the past three months. For example, trading volumes on SUI's decentralized exchange spiked to new all-time highs.
Also, SUI's total value locked recently climbed above $220 million, another record high since its launch last May.
Clearly, the network is gaining adoption and usage. Several key developments likely contribute to driving this activity and interest in SUI. One such is the newly launched decentralized app that allows developers to join coding challenges on the Sui network.
This expands SUI's functionality and use cases. Another milestone happened when the SUDO token went live for minting on SUI on January 8, selling out rapidly. For context, SUDO powers a synthetic asset trading protocol, bringing more decentralized finance activity.
Overall, these developments showcase SUI's burgeoning maturity. Moreover, more solutions running on the network make the SUI token more valuable. With so much positive momentum achieved within a few days in 2024, it's clear why more investors want to buy SUI coins.
Sui Price Analysis: SUI Prints Huge Green Daily Candle, What's Next?
Over the past 24 hours, the SUI token has posted a substantial gain, printing a large green candlestick on the daily chart.While the token rides the bullish wave, a little more charge from the bears might force a short-term retracement.
The 50-day moving average near $0.72 could act as support against a further dip.
Nonetheless, SUI still trades above its 50-day average, showing the strong uptrend remains intact for now. As long as it stays above this average, the bullish momentum has room to continue.
These technical alignments suggest that SUI's rally could be sustained despite its rapid acceleration.
With buying interest clearly in control, SUI may keep running before topping out. But know that patience and prudent entries remain important amidst crypto volatility.
Sui Best Alternative: Sponge V2 - Next 10x Meme Project
While SUI is gaining today, investors are looking to diversify eye Sponge V2 as a worthy alternative. Given the historical record of meme coins, SPONGE has the potential to tread the paths of SpongeBob tokens and PEPE, giving early investors big rewards.
This thought excites investors and could be the reason for the ongoing rapid Sponge V2 accumulation.
Sponge V2: Your Next Big Crypto Opportunity with Easy Entry and Exciting Features
Daily Staking Update!
We've reached 4,600,326,590 $SPONGE tokens staked, currently valued at $3,963,388.83 with an impressive current 351% APY.
Join our thriving #SpongeV2 community today and grow with us!
#AltSeason #CryptoStaking #Web3 pic.twitter.com/TV6JOfQssa
- $SPONGE (@spongeoneth) January 11, 2024
Investors who missed Sponge V1's big growth think of Sponge V2 as a second chance to bag big gains. Unlike regular meme coins, Sponge V2 has an exciting gaming utility, Sponge P2E Racer." This game will help users earn tokens while having fun.
It has a staking mechanism that allows users to earn rewards, too. Staking the Sponge V2 token offers a whopping 351% APY and is a reason to hold for future gains. SPONGE trades at $0.000872 and can be bought by exchanging ETH or USDT.
Already, investors have staked over $3.9 million worth of SPONGE tokens. The token is also available on Uniswap. Interested investors should visit the official website for more information.
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